NZD/USD snaps its two-day losing streak, trading around 0.5910 during the European session on Monday.
NZD/USD maintains gains despite the bearish sentiment indicated by the technical analysis . Traders might contemplate short positions if the pair breaks below the support area encompassing 0.5863 and 0.5850. A pullback from the level of 0.5863 could lead the pair toward lower boundary of a symmetrical pattern around 0.5933. The recent break below the symmetrical channel on April 15 on the daily chart denotes a bearish sentiment.
5863, it could target the lower boundary of a symmetrical pattern around 0.5933 and the key level of 0.5950. A breakthrough above these levels might encourage traders to adopt long positions, shifting the sentiment towards bullish, with a potential aim to reach the 50-day Exponential Moving Average positioned at 0.6030. A break above the 50-day EMA will strengthen the bullish sentiment and test the upper boundary of the symmetrical pattern around 0.6043.
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