NZD/USD - could climb higher for a retest of 0.67
COT reports showing strengthening of NZD for some time, bringing the situation to almost neutral direction of the pair, possibly a range in the future. Based on weak DXY we want to see a push to the upside before going down to the lower band of the channel.
Technically speaking, NZD/USD is trading at the middle band of the upside channel. We expect a short term push to the upside, retesting the 0.67 resistance and creating an M formation.
We can start looking for longs now. However, if you want to take the conservative way, best entry is at retest of previous support, aligning with the 200 MA, 0.66- 0.658 liquidity area.
Technically speaking, NZD/USD is trading at the middle band of the upside channel. We expect a short term push to the upside, retesting the 0.67 resistance and creating an M formation.
We can start looking for longs now. However, if you want to take the conservative way, best entry is at retest of previous support, aligning with the 200 MA, 0.66- 0.658 liquidity area.
Comment:
The price is now at our entry area.
Comment:
And price nicely bounced back up exactly from the 200 EMA.
Holding buy positions now in profit. Leave the trade go towards target.
Holding buy positions now in profit. Leave the trade go towards target.