Price has been bouncing in an ascending Channel - 4H.
Entry confirmation at 200 EMA touch and at the same time, price will be touching lower line of the ascending channel.
WEEKLY TIMEFRAME
The price has been bouncing in the descending channel so far.
i) If the price breaks the channel, it would move upwards as it should form inverse head and shoulders pattern if the price broke the channel and continue towards the neckline which is a very strong level.
ii) We could see that the price is forming the head and shoulders pattern...
As we can see the the price is been in a cup & handle pattern. If it completes the handle, then the long position of NZDUSD and its Co-relative pairs would be fabulous. Watch out for these pairs on weekly
Wait for the breakout, either bulls/bears.
Bulls - There is a inverse H&S Pattern, but, there is a trendline resisting the price.
Bears - Just wait for the breakout of the Demand level.
At present, the price is at the Daily Demand zone which is perfectly syncing with Weekly Support level , where the price rejecting those levels. An Entry point should be at the confirmation or after the retest by reversal at the Daily key level.
1W - Spinning Top at the Bottom ( Bullish momentum)
1D - 2 Rejection Candles at the Bottom ( Bullish momentum)
At present, the price is testing the key level and it's been in descending channel, respecting it. An entry point would be at the rejection/reversal at the daily key level.
