NZD/USD - strong buy on 4H near important support area
Market price broke out of down trend at the beginning of May and reached now several important supports:
1. Fibonacci 61,8 retracement support line which is last important entry for buyers, if this line break down expect retest of 0.652 area.
2. up trend line support
3. price is near 100 day moving average line (blue one) on 4 hour chart
4. RSI made a double bottom which brings buy volume into the market
5. MACD is near bullish crossing of baselines which brings buyers into the market
6. market price formation looks for me like the start of wave 3 of 5 Elliot waves
1. Fibonacci 61,8 retracement support line which is last important entry for buyers, if this line break down expect retest of 0.652 area.
2. up trend line support
3. price is near 100 day moving average line (blue one) on 4 hour chart
4. RSI made a double bottom which brings buy volume into the market
5. MACD is near bullish crossing of baselines which brings buyers into the market
6. market price formation looks for me like the start of wave 3 of 5 Elliot waves
Trade closed: target reached
Order cancelled
The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
