🥝 NZD/USD Ready For Declines? 🥝

🥝 NZD/USD Ready For Declines?

🥝 Nearest strong support zone: around the cluster of two fibo levels 0.236 of the entire upward wave and 0.236 of the entire downward correction.

🥝 Nearest strong resistance zone: the 0.618 level of the entire downward correction.

🥝 Technical environment:

- Moving averages: Uptrened

- MACD: 50/50

- RSI: Uptrend

- Supertrend: Uptrend

🥝 Price action: NZD/USD Very quickly resumed to continue its medium-term downtrend just after the US CPI inflation data (6.5%). For a moment it broke through the 0.618 level but currently already turning back lower, it looks like today could be the beginning of a continuation of the downtrend. On most pairs with the dollar we can see a slow return of strength of the dollar, I am very curious to see how big the range of the downward wave will be. I set the target level near the 0.382 level of the entire upward wave.

🥝 The scenario I am playing out is the start of declines that will continue over the next few days. I don't exclude the possibility of changing the scenario if the market situation changes abruptly. I'm aware of the possibility of a correction at any time, this should be taken into account, If the outlook changes I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.

🥝 Please do not suggest the path I have outlined with lines it is only a hypothetical scenario.

🚀 If you appreciate my work and effort put into this post then I encourage you to leave a like and give a follow on my profile. 🚀