Weekly Technical Analysis Report 5 Aug – Bearish outlook on NZDUSD

Weekly Technical Analysis Report 5 Aug – Bearish outlook on NZDUSD

1. This week’s outlook on NZDUSD: Bearish outlook seen

Price has been adhering to the observed descending trendline on the H4 timeframe. A pullback to the key resistance zone at 0.6150, which coincides with the 50% fibonacci retracement, could provide the bearish acceleration towards the next support zone at 0.6000, which is in line with the 141.4% fibonacci extension. Price is hovering below ichimoku cloud, supporting our bearish bias.

Bearish Outlook on NZDUSD – 5 Aug by Salzworth on TradingView.com