For NZD/USD, the potential bearish momentum scenario is as follows:
Description: The chart indicates a strong bearish momentum with significant support identified at two levels.
Support Levels:
The 1st support level is at 0.6091, characterized by a "Pullback support." This level suggests a historical area where the price has retraced before continuing its upward movement.
The 2nd support level is positioned at 0.6047, noted as a "Pullback support." This level represents a historical zone where price has found support, coinciding with previous price action.
Resistance Levels:
The 1st resistance level is observed at 0.6158, designated as an "Overlap resistance." This level indicates a historical barrier where the price has encountered selling pressure after reaching previous swing highs.
The 2nd resistance level is located at 0.6204, recognized as an "Overlap resistance." Like the 1st resistance, it represents another historical level where the price has struggled to move above due to selling pressure.