On February 2, 2023, the NZDUSD pair embarked on an impulsive move to the downside. Following this strong bearish activity, the pair entered into a consolidation phase that took on the form of a regular flat, which started on March 10, 2023.
As of May 10, we've observed a significant breakdown outside of the flat correction pattern, indicating a likely continuation of the bearish trend. Furthermore, the price action is currently suggesting the formation of a bearish flag pattern, which traditionally signals a potential further downside.
Considering these technical developments, there seems to be a viable short-selling opportunity at hand. If the bearish trend continues, our analysis suggests that the price could descend to at least the support level at 0.61181. However, as with all trades, it's crucial to remain vigilant for any signs of a trend reversal or deviation from the projected path.
As of May 10, we've observed a significant breakdown outside of the flat correction pattern, indicating a likely continuation of the bearish trend. Furthermore, the price action is currently suggesting the formation of a bearish flag pattern, which traditionally signals a potential further downside.
Considering these technical developments, there seems to be a viable short-selling opportunity at hand. If the bearish trend continues, our analysis suggests that the price could descend to at least the support level at 0.61181. However, as with all trades, it's crucial to remain vigilant for any signs of a trend reversal or deviation from the projected path.