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After 8 consecutive days of growth, the price of NZD/USD is forming a bearish candle this morning, thereby indicating possible concerns among market participants at the beginning of a week full of important economic news:
→ On Wednesday, at 4:00 GMT+3, the RBNZ decision on interest rates will be published. There will also be a press conference by the leadership of the Central Bank.
→ On the same day, at 16:30 GMT+3, news about US GDP is expected.
→ On Thursday, at 16:30 GMT+3, inflation data in the United States will be published, namely Core PCE Price Index GMT+3.
Note that in 2023, the NZD/USD price behaved bearishly, forming a downward channel (shown in red).
Technical analysis of the NZD/USD price chart provides confirmation of bearish sentiment in the form of a test of the 0.62 level — which showed support in early January and now appears to be resisting.
If the news acts as a driver for downward momentum:
→ the price of NZD/USD may fall towards the trend line shown in black. It is enhanced by the psychological level of 0.61.
→ This could result in a strategic reversal downwards from the area where the upper border of the red channel lies.
Be prepared for spikes in volatility throughout the week.
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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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