The previous week served to be a bearish market for the NZDUSD. Sellers pushed the market short from level 0.60185 . The same could be possible for the pair this week. As price moves towards level 0.57709 the question is, could the NZDUSD continue Bearish ?

In the daily chart, level 0.63671 was set to be our previous lower high. since then price had plummeted about 900 pips to level 0.54658 with it being set as our current lower low. However, price retraced about 600 pips to level 0.60185. At this level price found support before continuing its bearish path.

Our analysts at FXSits believe that there are strong probabilities of price actually continuing bearish to level 0.54658 the lower low. However, we have to consider the fact that level 0.57709 could serve as a problem. Price could struggle breaking this level.

NZDUSD Daily Chart

We could witness price hover around that level for a while. If price breaks/ closes past this level it could expose our targeted level 0.546558.Could the NZDUSD continue Bearish? Until we have clear signals, can we only answer this question.

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before enter a trade and manage your risk accordingly. Please read risk warning before deciding to trade the markets.

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