Analyzing NZDUSD: The Battle within the Bearish Channel
In this evening's trading session, the U.S. Dollar is pushing the price in its favor against New Zealand's currency. The technical indicators give mixed signals; therefore, we rely on the price action and the support and resistance areas.
From a technical standpoint, the pair trades within a narrow, bearish channel, which can be interpreted as a sideways market. The level at 0.613 acts as support; if this level is breached, the NZDUSD will likely dip to the next support, which is located at about 0.6111.
Conversely, the price must surpass 0.6182 for the uptrend to continue. In this case, March's higher high would be retested.