NZDUSD Chart Technical Outlook Sellers focus on 0.5798
NZD/USD is currently within a negative cycle. Although we have seen a period of consolidation there is no clear indication of a change in trend.
The next significant downside barrier is located at 0.5798. This would be the completion of the AB leg in a large crab formation. Most US Dollar pairs highlight October 27 as a key date.
Resistance is located at 0.6007.
Conclusion: There is ample scope for an upside correction with important data releases later today. I would look for the move to be limited. The focus, and where I will potentially look to get long depending on time scale analysis, is 0.5798.
