💱 NZDUSD - The bulls control the support. Resistance retest

6 มิ.ย. 2023

NZDUSD forms a local bullish channel and after the retest of the support the price forms a momentum. The bulls are trying to control the local support at 0.6067 and if the buyers hold this level in the medium term, the currency pair could strengthen to 0.61100 and 0.61600

TA on the high timeframe:
1) There is an important level of 0.60841 on the chart to the left. After a false break through the resistance, there is no fall in the currency pair. A consolidation is forming. Buyers continue to press on this area in the hope of a breakthrough, which is likely to happen in the near future
2) The price is consolidating above the volume peak. Thus, the bulls confidently maintain their positions

TA on the low timeframe:
1) Local uptrend and consolidation above channel support and above the 0.60675 level offer good potential
2) Watching the level of 0.6084. Breakout and consolidation above the level will open an entry point into a long position

Key support: 0.60675
Key resistance: 0.6084