Hi traders and welcome to my channel, if you enjoy my FREE Technical Analysis📈 and Trading Tips📉, support the idea hitting the LIKE👍 button and don't forget to SUBSCRIBE✔️ my channel, you won't miss anything!
🟢Forex Pair: NZD/USD
⚪Technical Analysis: Let's start with the weekly chart, since the end of March 2020, the price has been moving with a really strong uptrend and it reached now an interesting S/R area.
In the daily chart, the price has been moving with a strong uptrend, with an interesting positive impulse started at the beginning of November 2020. Once the price reached its first resistance level at about 0.70000, it started getting rejections on that zone, closing every time with a price higher than the previous one.
In the h4 chart the price created an interesting pattern, it's a possible head and shoulders pattern, and it usually means the end of a trend or also the complete inversion of that trend. The price also reached a strong weekly S/R zone and the next price action around this level will be essential to understand the next market movement and if our pattern could be considered valid.
🔴Conclusion: ✔️ The price is actually in an interesting area, If it will break the S/R level and it will pullback on it, I'll definitely plan my short position for this trade.
Stay tuned for Updates and Trading Signals! What's your opinion? Share your idea writing a comment!