NZD weighted index on the 12H time frame, we can see the market has tapped off a previous zone of reversal while creating convergence on MACD, and creating an inverted head and shoulder formation.
Seeing as NZD and AUD move the same way, and both currencies look very bullish, I expect NZD to gain strength across the board for the next month or so....
NZDUSD has finally broken the long bearish 4hr trendline and made higher highs. Price has also clearly broken and closed above the 4hr 50ema which was providing a dynamic resistance to price over the past few weeks.
I am looking to go long on the next pullback to retest the broken TL or 4hr 50ema.
I have the fibonacci retracement tool on the chart to provide a...
Like I mentioned in the previous post, If price does break through the Weekly Trendline we could see price head to the Monthly Trendline/61.8/0.6300 before making another sharp upside move. Initial Targets for me will be 0.8800, final targets at the -0.27 extension 0.9890
I will be looking for a Daily Reversal pattern to form at the 78.6 fib before going to go long. However, If we break through the Weekly uptrend, I will be looking for a break and retest around 0.6300 + the Monthly Trendline
For longs initial targets for me will be 0.7560, Final targets will be 0.7900
NZDUSD, reversal formation setting up, you can wait for break and retest of the trendline drawn, H4 bullish engulfing, MACD convergence, bullish move expected.
1. This profile is for educational purposes ONLY!
2. The setups given are my own perspective of the forex market and by no means require action!
Possible short for NZDUSD. Price has remained within the boundaries of the parallel trend line channel and has recently hit the trend line channel resistance indicating that the price could be heading down. Price has also been moving below both the 200 EMA and the 50 EMA also indicating a short bias. Keep an eye out for updates. OANDA:NZDUSD