The NZD/USD pair is showing clear signs of bearish momentum on the 1-hour chart. After a strong rally touching above 0.60500, price has reversed and is now testing a critical support zone near 0.59400.
The red moving average indicates persistent downward pressure. A break below this key level could open the doors to 0.59000 and even 0.58700 in the short term.
🔍 What to Watch:
If bulls defend 0.59400, a short-term bounce might be possible.
However, if bears take over, the next drop could be fast and sharp.
📊 This could be the perfect setup for breakout traders. Stay sharp, watch volume, and be ready — because a big move is coming.Analysis by Shahzaib FX$BTC