NZD/USD bears step in from key resistance levels and eye a break of support structure

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NZD/USD bears step in from key resistance levels and eye a break of support structure
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NZD/USD bears step in from key resistance levels and eye a break of support structure NZDUSD Currencies DollarIndex CPI

pair was sold off from critical resistance near the day's highs of 0.6530 and a low of 0.6418 has been achieved so far as market sentiment flips bearish.

Meanwhile, the US dollar is gaining traction despite weaker data that portrayed disinflationary tones, fueling the belief that the Federal Reserve will continue to reduce its tightening pace in upcoming meetings. However, Fed speakers later poured cold water on that which helped the US Dollar to pare back losses from the weak data. For instance, St.

The bulls need to break out of these highs or face the prospects of a significant correction for days ahead towards 0.6200:However, while on the front side of the micro supporting trendline on the hourly time frame, as illustrated below, there are prospects of a revisit to retest the M-formations neckline as follows:

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