Price sold off from last week. Waited on a 38.2% corrective pull back as per my High Probability Momentum Strategy. Looking for extended levels down to around the 161.8%-176.4%
Entry details are shown on the chart.
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Price made an abcde ending diagonal and looks like we're about to break the wedge. We'll monitor and see if it breaks and get in on retest. SO many opportunities if this breaks...
See links below for more in-depth opportunities.
Trading suggestion:
There is a possibility of temporary support to the suggested trends support lines. If so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
NZD/USD is in an uptrend, and the continuation of the uptrend is expected. ( I will show you zoom out in the comment )
. The RSI is at 30
Take...
DXY may correct back to the point shown on the chart. See my previous EURUSD, USDJPY and USDCHF charts to see where to enter. Watch for corrective price action.
USD has had a poor week, could it hold at these levels and force some XXXUSD pairs back down?
Lets see.
Entry, SL and TP details are on the screen.
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EURUSD has made a beautiful head and shoulders. Will be looking closely at a retest of the neckline and gain an entry there. Watch DXY closely.
Leave a comment and let me know what you think! Trade Safe.
DXY currently in a descending wedge. We could see another move down to the 2018 lows before we break up. I marked out 2 ways in which I anticipate DXY to move. Will keep a close eye.
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#NZDUSD
First, at the end of February, the price broke through the resistance line at 0.730, and after returning to the trend, it collapsed and now made a false breakdown of the support line at 0.719. This line has been in use since June 2020.
The price has already tried to break through it, but it still returned to the trend. Therefore, now I expect that first...
NZDUSD Forecast 02 03 2021
After the breakout, the price dropped to support 0.721.
This is the June 2020 line.
We expect new growth towards resistance.
The target is 0.734
Identified a clear bullish trend and key support and resistance levels.
Although price has moved off the support, previous price actions show that it is possible for prices to drop back down before an impulse push.
This is how I see this pair's price rejection playing out, with high impact fundamentals for the NZD about to play out in the next few hours. Good Luck.
