FX.co ★ Daily Video Analysis: NZDUSD facing bearish pressure, potential for further downside!

Today we take a look at NZDUSD. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is approaching our sell entry level, which is in line with our 61.8% Fibonacci extension level, where we could potentially see a reversal and further downside towards our take profit level, which is in line with our horizontal swing low support. Price is also holding under the descending trendline resistance, and MACD is also holding below the 0 line, showing bearish pressure in line with our bearish bias.