NZDUSD has broken the bullish trendline on the daily chart, signifying a significant development in the market dynamics. The price has consistently declined since the failed breakout above 0.6370, indicating a shift in the overall sentiment.
To confirm the bearish motion, the Parabolic SAR (Stop and Reverse) indicator currently rests above the daily candles on the chart, reinforcing the prevailing bearish outlook. Simultaneously, a pullback to the bullish trendline has been observed, potentially influencing the bearish order flow in the market.
The demand level of 0.6200 failed to hold, which adds further credibility to the bearish narrative. The MACD (Moving Averages Convergence and Divergence) indicator also aligns with the current bearish trend, solidifying the bearish sentiment.
NZDUSD Short-term Trend: Bearish
On the 4 hours chart, a retest of the trendline resulted in a significant bearish candle, indicating a potential continuation of the short-term bearish trajectory.
Notably, the four-hour chart’s MACD and Parabolic SAR indicators still exhibit bullish tendencies. Consequently, waiting for an alignment of the technical indicators on the lower timeframe would be prudent before seeking an optimum entry point. The 0.6060 level appears to be the next short-term bearish target.
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NZDUSD Short-term Trend: Bearish
