NZD/USD: breakdown with the bearish reversal. The pair is on secondary correction within the primary bullish condition with 0.6950 support level to be testing to below for the reversal of the price movement to the primary bearish market condition. The price is located within the following key support/resistance levels:
- 0.7292 resistance level located far above Ichimoku cloud on the primary bullish area of the chart, and
- 0.6950 support level located near Senkou Span line of Ichimoku indicator in the beginning of the bearish trend to be started.
Descending triangle pattern was formed by the price to be crossed to below for the bearish trend to be started.
There are 2
simple scenarios for the price movement for the week:
- breakdown with the bearish reversal in case the price breaks 0.6950 support on close daily bar,
- or the bullish ranging within the levels.
Chinkou Span line is crossing the price to below on open daily bar for the possible daily breakdown.
|Resistance ||Support |