SOLID ECN LLC
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NZD/USD Consolidation Phase Analysis
Solid ECN—The NZD/USD currency pair trades in a range area between $0.617 immediate support and $0.621 immediate resistance. The technical indicators suggest low momentum in the market, but with a weak bearish bias. Therefore, the currency pair might break below the immediate resistance.
From a technical standpoint, for the uptrend to resume, the bulls must cross and stabilize the price above the $0.621 ceiling.
On the flip side, if the price dips below the immediate support at $0.617, the consolidation phase will likely extend to the key support level at $0.613. This level is backed by the Ichimoku cloud, which makes it a robust supply zone.
From a technical standpoint, for the uptrend to resume, the bulls must cross and stabilize the price above the $0.621 ceiling.
On the flip side, if the price dips below the immediate support at $0.617, the consolidation phase will likely extend to the key support level at $0.613. This level is backed by the Ichimoku cloud, which makes it a robust supply zone.
