NZDUSD Breakout or Pullback?

NZDUSD, Daily

The asset is in a descending channel. The price is moving from the border to the border. Now, the price has approached the resistance level of 0.5948 and the upper boundary of the channel.

If the asset manages to break through the resistance level, the growth to 0.6023 will start;

However, if the price fails to break the resistance level, the movement inside the channel will continue, and the price will decline to 0.5850.

Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: FBS Analyst Team

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