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NZDUSD Analysis May 24, 2020

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
On the monthly timeframe we are bouncing off of a level of support. ON the weekly timeframe we closed last week failing to engulf the previous candle. Most recently the bearish engulfing candle tells me that we are still looking to ride with the sellers! On the daily timeframe we are retesting a major level of resistance finding some rejection! On the H4 timeframe the moving averages have crossed to form a LH but this doesn’t mean we may not pull back to retest the supply zone before heading lower!

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