How to Trade the NZD/USD Pullback: Insights from the Awesome Oscillator
The NZD/USD currency pair is currently in a bear market, trading below the 61.8% Fibonacci resistance level. The ADX indicator signifies that the trend is strong on the daily chart, as it nears the 40 level. However, the Awesome Oscillator indicates divergence, suggesting that the New Zealand dollar is likely to experience a pullback to the 0.602 resistance area.
Technically speaking, the next bearish target could be the 78.2% Fibonacci level, but the decline may continue after a consolidation phase. Therefore, the 0.602 level can provide a decent entry point for joining the sellers in the NZD/USD market.