Mihai_Iacob

NzdUsd- Resumption of the up move?

Long
OANDA:NZDUSD   New Zealand Dollar / U.S. Dollar
In a recent post, I emphasized that it is of paramount importance for Kiwi bulls to maintain the 0.6010-0.6030 zone.
As long as this level remains intact, the drop from the recent peak is considered only a correction to the initial upward movement that began in November of last year.

As indicated by the chart, this level is identified by horizontal support and the Golden Fibonacci zone, which spans between 50% and 61%.

So far, the pair has held this level intact and reversed strongly after touching it.
Additionally, there has been a break above the descending trend line, further reinforcing this bullish outlook.

With that said, I m bullish on NZDUSD as long as the price stays above the recent low, and buying dips is my strategy.
Furthermore, a trade targeting the recent high resistance level could potentially offer a 1:3 risk-to-reward ratio, depending on the entry point.







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