Good morning traders, today we bring you our mid-term analysis on the NZD/USD pair, as we consider that it has bearish potential at least for the next few weeks.
🔸First of all, we must clarify that the main price trend is still bullish, since the succession of increasing highs and lows is intact, and the current movement for the moment is only a correction.
🔸This correction started at the moment when the price faced the resistance zone, and there was a strong supply zone there.
🔸From there, a corrective process began that broke with the Ascending Trendline.
🔸Now the bearish movement is being quite abrupt, and we consider that the next target is the Support zone at 0.66000, which is the previous low of the uptrend.
🔸First of all, we must clarify that the main price trend is still bullish, since the succession of increasing highs and lows is intact, and the current movement for the moment is only a correction.
🔸This correction started at the moment when the price faced the resistance zone, and there was a strong supply zone there.
🔸From there, a corrective process began that broke with the Ascending Trendline.
🔸Now the bearish movement is being quite abrupt, and we consider that the next target is the Support zone at 0.66000, which is the previous low of the uptrend.