Hello traders and Aspiring Traders , today's shared outlook / technical analysis is NZDUSD .
Pair : NZDUSD
Time frame : Daily
Outlook : After price action was stuck between the highlighted support and resistance for 1 month.
Price action broke out on the upside but failed to hold as a support and instead of making a new higher High, price action made a new lower low returning back into the consolidation zone on the 4th of March.
So now price action has pulled back to recent resistant zone where we have seen previous daily rejection.
I will now keep an eye on the lower timeframes for potential entry criteria for further down side to potentially make a new lower low or equal lows.
Pair : NZDUSD
Time frame : Daily
Outlook : After price action was stuck between the highlighted support and resistance for 1 month.
Price action broke out on the upside but failed to hold as a support and instead of making a new higher High, price action made a new lower low returning back into the consolidation zone on the 4th of March.
So now price action has pulled back to recent resistant zone where we have seen previous daily rejection.
I will now keep an eye on the lower timeframes for potential entry criteria for further down side to potentially make a new lower low or equal lows.