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🟢Forex Pair: NZD/USD
⚪Technical Analysis: Since the end of December 2020, the price has been moving following an interesting symmetrical tringle pattern, bouncing many times on its dynamic pattern's lines. A couple of days ago, on the 8th of February 2021, the price broke through its dynamic resistance level with a clear upbar, reaching and re-testing the S/R zone at about 0.72500. It is currently moving close to its dynamic trendline and the next price action around that level will be essential to understand the next market movement.
🔴Conclusion: In my previous analysis I was confident to see a short scenario, but the price broke its dynamic resistance line instead of its support, so my previous trade is not valid anymore. The price seems is going to get a pullback on the current level but I'll be waiting for the breakout of the resistance zone at 0.72500 before planning my long position on this trade.
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⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️