HomeContributorsTechnical AnalysisNZD/USD Downside Still In Cards

NZD/USD Downside Still In Cards

Price could drop again in the upcoming period after the retest of the fourth warning line (wl4). The USD will take the lead again if the USDX will breakout above the 93.81 static resistance. I’ve said in the previous article that we may have a further drop if will retest the warning line (wl4).

Only a valid breakdown below the 38.2% retracement level will confirm broader corrective phase, the next major downside target will be at the fifth warning line (wl5). We may have a Head and Shoulders pattern if the rate will close below the 0.7222 previous low.

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