Technician

#NZDUSD Short term Forecast | #forex

FX:NZDUSD   New Zealand Dollar / U.S. Dollar
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NZDUSD             Short term forecast and technical analysis

The pair has been retracing lower within the past few days, retesting the main short term support(broken resistance) at 0.7485, today we have seen a strong intraday selloff below that support, however the price managed to rebound late session and close the candle above that level and also above the short term rising trend line ... Are we head higher again? I think its very possible that we see more near term upside towards the 50-days SMA and even 0.7620 main next horizontal resistance.

Having said that, my bias remains bullish towards 0.7600 area, and lets see what happens if we reach there, i will be updating this outlook.

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Technician
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Let's see what the price action gonna do. Your potential reversal area makes a lot of sens by the way.

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I absolutely agree with you BUT I'm waiting on the bullish engulfing candles to form on the weekly chart to enter the trade
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