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NZD/USD: Kiwi Back-Testing Key Resistance as Support

10/15/2024

Less than a minute

2024.10.15 08:02

The Kiwi has retraced enough to back-test the L/T descending channel’s T/L resistance as support. This T/L is now confluence with the 61.8% Fib of the last move higher at 0.6050.

This is clearly a trend-defining zone for the pair since it dates back to 2021. A break below it will open more D/S while a rebound from here keeps the pair in bullish mode. NZD/USD-Daily Chart