NZDUSD, H4 | Bounce off support level?

The NZD/USD pair is in a bearish trend, breaking below an ascending support line and suggesting a potential continuation of the downward movement. The first support at 0.6189, aligned with the 61.8% Fibonacci retracement, could act as a price floor. If the price drops further, the second support at 0.6114, aligned with the 78.6% Fibonacci retracement, may provide strong resistance.

On the other hand, if the bearish momentum reverses, the price could face resistance at 0.6246, followed by a higher obstacle at 0.6305. These resistance levels have the potential to hinder the price's upward progress.

Analysis are provided by InstaForex

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