CapMoore

Price at Strong Resistance Looking Higher

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
32 0 1
Price has hit the 61,8 Fib of the CD leg at 0,6840 and the
Yearly S2/SMA200 at 0,6850. Also close to previous high
at 0,69. This makes it a strong resistance level .

Because price is trading below Yearly S2, the bearish trend
is strong, even though PA from september and onwards has
shown significant recovery. On daily timeframe , trend is bullish
as is seen by price trading above the Kumo Cloud.

Note that the C-61,8D leg is less steep than the AB, showing
weakening momentum. IF price will fail here and reverse
the major scenario is a Butterfly Buy with D-level at 0,6050.

But if price instead moves above the resistance and close
above the previous high, we might see a continuation to at least
the D-level at 0,71 or perhaps an extension of the CD leg.
March 11 low stands at 0,7150.
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