05.11.202408:15 Forex Analysis & Reviews: Technical Analysis of Daily Price Movement of NZD/USD Commodity Currency Pairs, Tuesday November 05, 2024.

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From what we can see on the 4-hour chart, the NZD/USD commodity currency pair appears to be dominated by Sellers, which is confirmed by the Kiwi price movement below the WMA (30 Shift 2) which also has a decreasing slope, especially with the appearance of deviations between price movements and the Awesome Oscillator indicator, it confirms that it is currently in a weakening condition, so based on these facts, in the next few days NZD/USD has the potential to weaken to the level of 0.5790 as its main target and if momentum and volatility support it, then 0.5590 will be the next target, but all these downward scenarios will be invalid and canceled by themselves if on the way to these targets there is suddenly a significant strengthening, especially if it breaks through and closes above the level of 0.6100.

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