In yesterday's analysis, I discussed about the rejection of the trendline back towards 0.7167 support zone
(previous swing low), which was exactly what the market performed. NU is currently in a range bound condition, pay attention to minor support & resistance
zones. There are two scenarios that I am looking at
1. A violation of the trendline with a break & re-test setup, 0.7278 minor resistance zone
will be the initial target
2. A breach of 0.7164 support zone
would induce further selling pressure, with 0.7095 as the initial target
However, do not forget the overall trend on the higher timeframe remains bullish
. Trade safe.
Do follow my profile for daily fx forecast & educational content.