Breaking the trendline will there be a strong recovery?

✍️ NOVA hello everyone, Let's comment on NZD/USD price next week from 4-8/9/2023

🔥 World situation:
By the conclusion of the week, the US dollar, as measured by the DXY index, experienced daily increases following market volatility resulting from the publication of August Nonfarm Payrolls and ISM PMI manufacturing data. However, despite this, there will be a 0.70% weekly increase in the NZD/USD pair. No significant information regarding New Zealand's currency was made available during this time.

🔥 Identify:
According to the technical H4 frame, the price has broken the downtrend line, but the buy signs are not high. Along with the not-so-positive New Zealand economic news, it is considered that the price may return to resistance areas 1 and 2 and then continue to decrease.

🔥 Technically:
Based on the resistance and support areas of the NZD/USD price according to the H4 frame, NOVA identifies the important key areas as follows:

Resistance: 0,60050; 0,61150; 0,62500
Support : 0,58800


🔥 NOTE:
Note: Nova wishes traders to manage their capital well
- take the number of lots that match your capital
- Takeprofit equal to 4-6% of capital account
- Stoplose equal to 2-3% of capital account
- The winner is the one who sticks with the market the longest