On May 31 2022, we published an article that the NZDUSD bears will stay dominant. This turned out to be the case and furthermore, the forecast we made was hit a few days ago. Across the board, the USD has gained against all major currencies.
The support level of the year for NZDUSD is around 0.62205 and price fell this month to 0.62370 which is only a few pips above the support level. On the 4-Hour time frame, price is currently oversold. Also on the 4-Hour time frame, there are 5 dojis already formed which could be an indication of a possible reversal.
For the past two weeks, all candlesticks on the daily chart have closed bearish. We hope that in the next few days, as consolidation comes up, price could rally and a trend could begin in favor of the NZD. We look forward to NZDUSD appreciating to 0.64613 from its current price of 0.62493.
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