Good morning traders, today we bring you our long-term analysis on the NZD/USD pair, since we consider that it is in a critical zone.
🔸During the last 12 months, the price had a rise of approximately 35%.
🔸This upward behavior generated a break in the Descending Trendline, which had been active for 7 years.
🔸After that break, the price continued its strong momentum, without having any interesting supply zones in its path, until now.
🔸As we can see, the price made numerous tests to the current zone, and each time it did, there was a great rejection to the downside.
🔸Due to the previous item, it is that we consider that if you have bullish positions, it is a good place to take profits, or, at least, to cover your position.
🔸In case we see a breakout to the upside, the next Resistance Zone 1300 pips from the current price level, and it is the zone of all-time highs.
🔸In case we see a rejection in the current zone, we could consider a possible retest of the support zone, which is about 1100 pips from the current level.
🔸We will wait to see the reaction of the price to make a more accurate forecast. For the moment, we will stay out of any trade in this pair.
🔸During the last 12 months, the price had a rise of approximately 35%.
🔸This upward behavior generated a break in the Descending Trendline, which had been active for 7 years.
🔸After that break, the price continued its strong momentum, without having any interesting supply zones in its path, until now.
🔸As we can see, the price made numerous tests to the current zone, and each time it did, there was a great rejection to the downside.
🔸Due to the previous item, it is that we consider that if you have bullish positions, it is a good place to take profits, or, at least, to cover your position.
🔸In case we see a breakout to the upside, the next Resistance Zone 1300 pips from the current price level, and it is the zone of all-time highs.
🔸In case we see a rejection in the current zone, we could consider a possible retest of the support zone, which is about 1100 pips from the current level.
🔸We will wait to see the reaction of the price to make a more accurate forecast. For the moment, we will stay out of any trade in this pair.