Hello traders, on account of US Dollar demand across the board due to news about the escalating Iran-Israel conflict, NZD/USD fell quite rapidly during the Asian Trading session on Friday.
However, the dip seemed like a buying opportunity to me as technically, NZD/USD touched the lower trend line of the price channel. So, I added a buy in NZD/USD@0.5865. If the channel support holds, NZDUSD can go up to 0.5980 over the next few days.
It's a tricky channel, as technically there are 2 touches at the top and 3 at the bottom. It's nice to see the buy zone align with the lower line, which could suggest signs of bullish momentum. Let's see how this plays out.
KaltoireCapital
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@FXCM, Thank you for the valuable points that you have made