NZDUSD was trading within a well-defined descending channel, maintaining a clear bearish structure. Recently, price broke below the channel support, signaling a potential continuation of the downtrend.
After a brief pullback, price faced rejection from the resistance zone around 0.5738, confirming strong selling pressure. Currently, price is holding below the key support level near 0.5703, which further strengthens the bearish bias.
If price continues to stay below this level, the next downside targets are projected around 0.5648 and 0.5584.
š Overall market structure remains bearish, and short opportunities are favored unless price reclaims the resistance zone.
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