FX.co ★ Technical Analysis of Intraday Price Movement of NZD/USD Commodity Currency Pairs, Tuesday February 14, 2023

If we pay attention on its 4 hour chart NZD/USD commodity currency pairs, there is a few interesting facts:

1. The appearance of Ascending Broadening Wedge pattern,

2. Followed by the formation of Bearish 123 pattern.

3. Stochastic Oscillator indicator which trying to come back down from its Overbought level.

Based on those three facts above clearly seen if Kiwi in the nearest future has the potential to continue the downside where currently "Isolated Low" level which is point 2 at the level 0,6286 will try to break down by NZD/USD. If this level successfully broken down then the next level the to aim for is 0.6208 with a note that during the journey to these levels there is no significant upward correction movement to break above 0.6386 because if this level is breaks and exceeded then the downside scenario that has been described Previously it was canceled by itself.

(Disclaimer)