The NZDUSD is making a break for it. The “break” is to a new low going back to November 2022. The price has broken through the September low of 0.58597.
Although the price is not running to the downside, traders have to respect the break. Sellers are in control. Looking at the daily chart, for traders looking for more downside momentum, staying low 0.58597 would be the best-case scenario, but another risk area might be the swing area between 0.58807 and 0.5903.
On the downside, the November 10, 2022 low at 0.5839 is the next target to get to and through.
This article was written by Greg Michalowski at www.forexlive.com. Source