Based purely on Technical analysis NZDUSD has broken the blue counter trend line which now acts as immediate resistance. Still within the current downwards trend within the two maroon trendlines, NZDUSD looks like it can double bottom in my green fibonacci zone before heading back up for a temporary reversal, overall bearish.
Nice idea on NZDUSD and there may be bullish bias as you have identified. For our set up, we have identified the key resistance and support levels. The first support that we have identified is at 0.6695 (61.8% Fibonacci extension , 50% Fibonacci retracement , Horizontal pullback support). Stochastic is approaching its support at 0.6% where a potential bounce may occur. If a potential bounce does occur, we may take a look at the 0.6797 resistance level (100% Fibonacci extension , 50% Fibonacci retracement , Horizontal swing high resistance)
Please have a look at our idea and share with us what you think.
Please have a look at our idea and share with us what you think.