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.
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.
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