NZDUSD Forms Triple Top at Resistance Level

NZDUSD has experienced difficulty pushing through the resistance level of 0.60270. This has led to multiple rejections at the key level, forming repeated swing highs. The price has returned to an order block for a potential relaunch to the resistance zone.

Demand Levels: 0.58530, 0.56080, 0.55110

Supply Levels: 0.60270, 0.61320, 0.63360

In April, Three White Soldiers led the bullish reversal after the price tested the demand level of 0.54120. The price pushed above the swing high of 0.58530, confirming a bullish reversal. As the price ascended towards 0.60270, the size of the bullish candles declined, revealing reduced momentum. Eventually, a swing high formed, reflecting the resistance at 0.60270.

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Upon reaching the resistance level of 0.60270, the momentum indicator showed a decline in strength. A bearish candle appeared for the first time since the takeoff from 0.55120. The buyers struggled to break the key level despite multiple attempts. This led to the formation of a Triple Top chart pattern on the daily chart.

On the lower time frame, price action reveals that buyers are still maintaining pressure. A bullish trendline is providing support towards 0.60270. The best Forex signals Telegram channels would anticipate a breakout above 0.60270 to confirm the continuation of the trend.

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