NZDUSD multi-month trendline breakout soon
NZDUSD got 24% more expensive since the Covid-19 bottom. All that way, the pair seemed to flirt with a very interesting dynamic S/R level.
So now, after the recent USD buying appetite from investors, NU wants to break out of this trendline again. My first target is a high confluence area around 0.6500 where we have
i) Big figure 0.65
ii) Fundamental Fib level
iii) 61.80% projection of the recent wave to the downside which is not shown in the graph, but trust me haha
Our swing target is about 100 pips cheaper with a good stop loss being above the neckline of the double bottom that formed in the market recent which is around 35 pips from where we're at now.
Happy swinging traders! ;)
So now, after the recent USD buying appetite from investors, NU wants to break out of this trendline again. My first target is a high confluence area around 0.6500 where we have
i) Big figure 0.65
ii) Fundamental Fib level
iii) 61.80% projection of the recent wave to the downside which is not shown in the graph, but trust me haha
Our swing target is about 100 pips cheaper with a good stop loss being above the neckline of the double bottom that formed in the market recent which is around 35 pips from where we're at now.
Happy swinging traders! ;)
Comment:
Price consolidating - gathering shorts on trendline. Trade setup still valid. We wait...
