NZDUSD reverses its bullish trend and resumes its initial bearish trend. Following a notable peak in mid-July 2023, there was a substantial downturn in price. Despite the shift to a bullish trend in early November, this momentum was ultimately broken, resulting in a continued decline.
Since mid-July 2023, NZDUSD has maintained a consistent downward trajectory, briefly deviating from this pattern to enter a bullish phase. However, failure to surpass the significant high from mid-July suggests this uptrend was likely corrective in nature. The subsequent breach of the bullish trend led to a sharp price decline, with minimal retracement. Currently, the price remains below its Moving Average, indicating strong bearish momentum.
NZDUSD Short-Term Trend: Bearish
On the 4-hour timeframe, the price action is forming lower lows, indicative of a bearish trend. This pattern is consistent across various timeframes, including the 4-hour and 1-day charts, suggesting a high likelihood of bearish movements. This implies that bearish forex signals are imminent. The recent retest of the 0.61570 supply level further emphasizes the reluctance of the market to exceed this threshold.
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NZDUSD Short-Term Trend: Bearish
