The NZDUSD H4 chart reveals a clear downtrend with key consolidation phases. Recent price action shows lower highs and lower lows, with the close approaching a critical resistance level at 0.58671. The formation of a bearish engulfing pattern near this level suggests strong selling pressure, validated by elevated volume spikes in the preceding candles. The current price is consolidating within a narrowing range, indicating potential for a breakout. The recent low at 0.58097 acts as a psychological support, but the price has failed to sustain above the prior high, signaling weakness. The trendline connecting the highs from 0.58449 to 0.58628…

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