Since 19th March 2020 when the price hit .5462 , the New Zealand Dollar has pushed impressively higher largely on the back of dollar weakness and currently stands at .6575.
Price has even pushed through the strong historical resistance at .6581 but the move looks ever more unconvincing and having now reached the green upper flag which has held the price, the big...
Again, im waiting for price to cleanly break support then we can sell to the target area
We can see price has tested this area several times and been rejected but I anticipate the next break should be the sell signal
This is what I predict will happen with this pair however it may want to come down to test that 0.382 of the impulse before shooting for the stars.
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-Very good buy setup on the bounce of the ascending trend line.
-Looking for price to potentially hit TP levels of: 0.65018, 0.65688 and 0.66209.
-A confluence which suggests that price has a higher probability to move to the upside is that the supply zone is in line with 23.6% fib level. This means that price could react around the 23.6% zone well which gives me...
As you can see most pairs follow the same patterns.. this is no different
The USD is going to fall as we can see from GBPUSD - This pair is showing the same setup!
Once support is broken use the signal below
NZDUSD - SELL
SL - 0.65103
TP - 0.62006
There is good long opportunity for NZDUSD of the retracement on the demand zone which is also in line with the 23.6% fib level.
Another confluence will be the EMA acting as support and price also retracing from the EMA.
A very strong buy signal for this pair.
- Bullish engulfing candle
- Double bottom
- Currently sitting in the 'golden pocket' of the fibonacci
- Daily candle closed at the 0.71 fibonacci
4 HOUR TIMEFRAME
- Breakout of the descending trendline
- Again, currently sitting in the 'golden pocket' of the fibonnaci
Small retest likely. Looks like a lovely long trade.