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NZDUSD Price Breaks Support – July 2, 2024

by Jennifer

NZDUSD Price Analysis:

The NZDUSD price experienced a clear downward bounce after testing the $0.6100 level yesterday. Today, the price has begun with additional declines, breaking below the $0.6070 support level and settling below it. This development negates yesterday’s anticipated positive scenario and indicates a potential move towards testing the $0.6000 barrier as a primary downside target.

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The expected scenario for upcoming sessions leans towards further declines, contingent upon the price sustaining below the $0.6070 level. However, if the price manages to breach back above $0.6070, it could signal a pause in the current decline and a potential recovery towards achieving gains up to $0.6140.

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Expected Trading Range:

The anticipated trading range for today is between support at $0.6000 and resistance at $0.6090.

Trend Forecast: Bearish

In summary, the NZDUSD pair is forecasted to maintain a bearish trend, influenced by recent price movements and technical indicators suggesting downside momentum. Traders should monitor key support and resistance levels closely for potential reversal or continuation signals, aligning their strategies with market dynamics and price action developments.

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