NZD/USD: Strong correction downside from resistance 0.6760/80$ towards support 0.6530$

Waiting for the FED Rate decision.
NZD GDP Preview: Expected to -12.8% QoQ IN Q2.

M.Ali Zah All My Pips

Yesterday's fall led to the formation of the "absorption" pattern of the daily level. The downward movement will aim to return to the upper limit of the average move of the previous week, located at the level of 0.6740/50$.

Price hit back to resistance and expecting coming days correction downside If price closed below 0.6760/80$, the target of the decline will be the weekly short-term price of 0.6636-0.6621. A test of this zone will cause the price to go more downside towards support 0.6520$.

Support/Resistance

✅S1= 0.6650
✅S2=0.6530
✴️R1=0.6760
✴️R2=0.6820

Author

M.Ali Zah

All My Pips

M.Ali has 10 years of experience in analysing and covering the global markets, with specialization in Forex and commodities markets.

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