OUTLOOK
NZD/USD over the past 3-4 weeks has been trapped inside of a descending channel, creating lower lows and lower highs in a market that seems to be oversold. Prices are rejecting the key monthly support levels around 0.67755 indicating a possible breakout ahead to the upside around 0.68761 (resistance level) - confirmation on the daily chart is required (now forming a bullish pin bar) for upside targets to be insight.
CAUTION: Doji / Pin Bar candlestick pattern is in the middle of the descending channel, NZD/USD could move lower and possibly break monthly support levels if prices fail to breach 0.68761.
BULL INDICATORS
1. Double Bottom
2. Long Tailed Pin Bar
3. Prices Rejecting Key Monthly Support Levels
BEAR INDICATORS
1. Doji Found in the middle of descending channel, could signal indecision before breaking lower.
2. Price failed to break descending channel
TARGET/S
Target Level - 0.68761 (Short Term)
NZD/USD over the past 3-4 weeks has been trapped inside of a descending channel, creating lower lows and lower highs in a market that seems to be oversold. Prices are rejecting the key monthly support levels around 0.67755 indicating a possible breakout ahead to the upside around 0.68761 (resistance level) - confirmation on the daily chart is required (now forming a bullish pin bar) for upside targets to be insight.
CAUTION: Doji / Pin Bar candlestick pattern is in the middle of the descending channel, NZD/USD could move lower and possibly break monthly support levels if prices fail to breach 0.68761.
BULL INDICATORS
1. Double Bottom
2. Long Tailed Pin Bar
3. Prices Rejecting Key Monthly Support Levels
BEAR INDICATORS
1. Doji Found in the middle of descending channel, could signal indecision before breaking lower.
2. Price failed to break descending channel
TARGET/S
Target Level - 0.68761 (Short Term)