NZD/USD is pulling down
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NZD/USD may be on the verge of breaking to lower levels. The pair formed a doji candlestick with a long upper shadow on the D1 - this is a bearish sign. The declining 50-day MA is capping the prices at 0.6110. On the H4, we see that the price has made a lower high. The oscillators are declining, so the pressure on the support line connecting April lows will likely intensify. The fall below the last week’s minimum of 0.5920 will open the way down to 0.5875 and 0.5800 (38.2% and 50% Fibonacci of the March-April advance). Recoveries will meet resistance in the 0.6040/70 area.
Trade idea for NZD/USD
SELL 0.5915; TP1 0.5875; TP2 0.5800; SL 0.5930
