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NZDUSD Price Shows Downward Movement – Forecast for June 21, 2024

by Jennifer

NZDUSD Price Analysis

The NZDUSD price has exhibited a steady decline since yesterday, moving away from the $0.6140 level. This reinforces expectations for the continuation of the current bearish trend. The market is poised to target the next significant support level at $0.6070, driven by downward pressure indicated by the EMA50 (Exponential Moving Average 50). The bearish outlook remains valid as long as the price remains below $0.6140.

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Expected Scenario

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The current scenario suggests a continuation of calm negativity in NZDUSD trading, maintaining momentum towards the next anticipated target at $0.6070. Traders should monitor the key resistance level at $0.6140 closely; a break above this level could potentially signal a shift in momentum or a reversal towards higher levels.

Expected Trading Range

Traders should observe the NZDUSD pair within a trading range expected between support at $0.6060 and resistance at $0.6260. These levels are crucial for assessing potential breakout opportunities or reversals in market sentiment.

Trend Forecast

The trend forecast for NZDUSD remains bearish, supported by current market dynamics and technical indicators pointing towards further downward movement.

Investors and traders are advised to stay informed about market developments and monitor price movements closely within the specified trading range, positioning themselves for potential opportunities aligned with the prevailing bearish trend.

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