NZDUSD 1hour Analysis December 3rd, 2020
Price has been consolidating in a box pattern for the past two days. NU has been in a strong bullish channel for a few weeks but is getting close to key supply zones on the higher time frames.
Trade Scenario 1: Long - We want to see price break and retest the 0.7077 handle. We will look to enter on any bullish momentum/variation. Look to first target the top of the channel of .712
Trade Scenario 2: Short - We need to see price break below 0.705 with conviction. Then look for a retest of this level to flip as resistance. This is a counter trend trade and there is strong support at 0.701 so risk management will be key and make sure your R:R is in place.
Trade Scenario 1: Long - We want to see price break and retest the 0.7077 handle. We will look to enter on any bullish momentum/variation. Look to first target the top of the channel of .712
Trade Scenario 2: Short - We need to see price break below 0.705 with conviction. Then look for a retest of this level to flip as resistance. This is a counter trend trade and there is strong support at 0.701 so risk management will be key and make sure your R:R is in place.