$NZDUSD - Watching that 0.5620-0.5630 Zone
Hey everyone,
I've been keeping a close eye on $NZDUSD lately, and it feels like we're approaching a pretty interesting area around the 0.5620-0.5630 zone. Looking at the daily, that level has acted as a decent pivot point in the past, bouncing us up a couple of times before. Today we touched 0.56263 at the low, which is right in that range. I'm curious if we'll see some buying interest step in there again or if this move has more legs down.
The scenario I'm leaning towards is a potential bounce from this area, perhaps finding some short-term support given the recent run down. If that zone holds, I'd be looking for a potential retest of 0.5650, maybe even 0.5660 if momentum picks up. However, the risk to this idea, for me, is a clear break and sustained close below 0.5620 on a daily basis. If we start closing firmly under that, then the previous support could flip to resistance, and we might be looking at a much deeper retracement. Just my initial thoughts, happy to hear what others are seeing.
That's a good observation. I've noted that zone too, and given the broader market sentiment, a bounce there would be quite a strong signal, perhaps indicating a temporary shift or just a good re-accumulation before the next leg down. Are you looking at any other confirmations for a potential long from there?