NZDUSD's Critical Levels: EMA 50 as the Decisive Barrier
Solid ECN – The NZDUSD currency pair failed to stabilize the price above the 38.2% Fibonacci support level, and consequently, it dipped below the descending trendline depicted in blue. The EMA 50 is currently preventing the price from dipping further. If this price breaches the 50-exponential moving average, the next target will likely be 0.6068, followed by the February low.
The 0.6215 mark is the pivotal point between a bull and bear market. If the New Zealand dollar breaks this resistance against the U.S. Dollar, the previously mentioned forecast should be invalidated, and traders must reevaluate the market accordingly.