FX.co ★ Technical analysis on NZDUSD for April 20th, 2023.

Red lines- equal size declines

Green lines- Fibonacci extension targets

Black line -pivot point

NZDUSD is trading around 0.6185. Recent price behavior with the formation of lower highs suggests that it is more likely we see lower lows. Price has the potential to continue its move lower towards 0.60-0.59 if the second leg down is equal to the first pull back. Resistance is found at 0.6365-0.6305. This is very important resistance area as price has tested this level several times confirming its importance. Support is at the recent lows around 0.6085-0.6090. A break below this level will increase chances of reaching the 100% Fibonacci extension target. As long as price is below 0.63-0.6365 we remain bearish.