Based on the H4 chart analysis, we can see that the price has just reacted off our sell entry at 1.6165, which is an overlap resistance.
Our take profit will be at 0.6106, an overlap support level.
The stop loss will be placed at 0.6222, which is a swing high resistance level.
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While NZDUSD retraced expectedly before rising further, the current movement suggested further retracement before the rebound.
What's confirmed now is that NZDUSD has broken away from a previous bearish structure and recently also broke out of a consolidating structure towards the upside.
The price is expected to retrace 0.6615 where it broke out from a bearish...
NZDUSD has been on the rise since it found support and rebounded off from a 4 year low around 0.6200.
In the process of the rebound, the price has broken a few critical resistance levels such as the 8-month falling trendline.
There's little doubt that NZDUSD is in a bullish structure while the dollar is also weakening.
Just recently, the price has broken out of a...
Continuation of yesterday's forecast on NZDUSD, the price has retraced significantly after the completion of the 2nd wave of a bearish trend.
At this moment, the price is seen hovering near the supply zone at 0.684.
The retracement has hit a volume of 34 pips, similar to the previous wave of retracement just before the price dropped yesterday.
For a confirmation...
