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06.06.202314:57 Forex Analysis & Reviews: Technical analysis on NZDUSD for June 6th, 2023.

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Black line - resistance

Green line- support (broken)

Red lines- bearish channel

NZDUSD is trading around 0.6058. Short-term trend remains bearish as price is making lower lows and lower highs after the last rejection at 0.6379. Price is forming a downward sloping channel with key resistance at 0.6143 where we find the upper channel boundary. At 0.6125-0.6130 we also find the green trend line that was once support, but now resistance. Price remains vulnerable to a move lower as long as price is below 0.6120 and the RSI below 50. For now trend remains bearish with no sign of a reversal.

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