NZDUSD - APPROACHING KEY LIQUIDITY & RESISTANCE ZONESymbol - NZDUSD
CMP - 0.6017
NZDUSD rebounds from the ascending support line, initiating a distribution phase toward the liquidity zone situated above 0.6030
A significant resistance zone is observed between 0.6020 and 0.6030, corresponding to a liquidity pool. Should the current distribution pattern persist, the market may reach a state of exhaustion, potentially resulting in a false breakout. The market currently lacks a clear trend and remains range-bound, indicating that prevailing bearish pressure could impede further upward movement.
Resistance levels: 0.6030
Support levels: 0.5969, 0.5932
In the context of a weakening US dollar, the currency pair may sustain its upward trajectory and test the 0.6030 level in the near term. However, considering the structural nature of the current price action, a downward correction appears probable thereafter.
