Technical Analysis of Intraday Price Movement of NZD/USD Commodity Currency Pairs, Monday May 15, 2023.

If we look at the 4 hour chart of NZD/USD currency pairs there is a few interesting things:

1. The appearance of Double Top pattern.

2. Price movement below its moving average.

3. osMA Indicator is in negative area (Bear).

Based on three things above then seems like Kiwi on the nearest future has the potential to go downward to the level 0,6129 as the main target and level area 0,6062-0,5989 as the second target. Even so the Kiwi still has the opportunity to be corrected upwards as well but during its journey towards these targets if there is an upward correction and does not exceed the level 0.6341 then the Kiwi still has the potential to fall down.

(Disclaimer)

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