NZDUSD Bearish Development, Watch For Sell

Hello traders:

Here on NZDUSD, we can see price is currently consolidating in a possible bearish correction structure.

After the initial bearish impulse move, the price fails to break the previous swing highs, and begin to form the current correction.

This is usually a good sign that the bearish momentum is still strong and more continuation is very possible.

Wait for lower time frame development to confirm the bearish trend to the next swing lows.

Comment:

Price has pushed down, if more bearish continuation correction can form, then it can help the price push lower. Alternatively, if no continuation, then price may bounce up from the bottom of the structure.