Bearish outlook on NZDUSD: 3 March 2023

3 Mar 2023

Prices have been testing a key resistance zone at 0.6280 on the H4 timeframe, in line with the 38.2% Fibonacci retracement. A pullback to this level could present an opportunity to ride the drop to the support zone at 0.6150, which coincides with the graphical low and 23.6% Fibonacci extension. Stochastic RSI is approaching the overbought region above 80, while prices are holding below the 50 EMA, supporting our bearish bias.