The NZDUSD price breaks the support – Forecast today - 08-05-2024

NZDUSD Price Analysis

Outlook and Forecast for Current Trading Sessions

Expected Scenario

• Price traded with clear negativity, breaking key support at 0.6000$
• Bearish bias suggested for today
• Break below 0.5980$ needed to confirm continuation of bearish bias

The NZDUSD price traded with clear negativity, breaking 0.6000$ level and starting to press on the breached neckline of the double bottom pattern, which hints heading to turn to decline, on its way to achieve negative targets that start by visiting 0.5915$ areas.

Therefore, the bearish bias will be suggested for today, and breaking 0.5980 is required to confirm the continuation of the bearish bias, noting that breaching 0.6000$ will stop the negative scenario and lead the price to recover again.

Expected Trading Range

1. Support: 0.5935$
2. Resistance: 0.6030$

Trend Forecast: Bearish