NZD/USD Possible Rebound
#trading_idea #NZDUSD 💡
#NZDUSD - Possible Rebound Up
On the 4H chart, we see a sharp drop in the pair following the Reserve Bank of New Zealand's decision to cut the key cash rate and signal more cuts ahead, catching some market participants off guard. The price is still trading within an uptrend channel and is currently testing the lower boundary as well as a strong support level at 0.6001. The MA(100) remains below the price, while the RSI is nearing oversold zone.
🔼We may see a rebound from the 0.6001 support, with a possible further rise to resistance 0.6036.
🔽Otherwise, a slide to support 0.5979 is likely.
🔴 Click "👍" if you think the price will rebound and "👎" if you think it will fall.
#NZDUSD - Possible Rebound Up
On the 4H chart, we see a sharp drop in the pair following the Reserve Bank of New Zealand's decision to cut the key cash rate and signal more cuts ahead, catching some market participants off guard. The price is still trading within an uptrend channel and is currently testing the lower boundary as well as a strong support level at 0.6001. The MA(100) remains below the price, while the RSI is nearing oversold zone.
🔼We may see a rebound from the 0.6001 support, with a possible further rise to resistance 0.6036.
🔽Otherwise, a slide to support 0.5979 is likely.
🔴 Click "👍" if you think the price will rebound and "👎" if you think it will fall.
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