PabloSantander

NZD/USD Refuses To Break Channel

FX:NZDUSD   New Zealand Dollar/U.S. Dollar
352 3 11
OUTLOOK

NZD/USD             over the past 3-4 weeks has been trapped inside of a descending channel, creating lower lows and lower highs in a market that seems to be oversold. Prices are rejecting the key monthly support levels around 0.67755 indicating a possible breakout ahead to the upside around 0.68761 (resistance level) - confirmation on the daily chart is required (now forming a bullish pin bar) for upside targets to be insight.

CAUTION: Doji / Pin Bar candlestick pattern is in the middle of the descending channel, NZD/USD             could move lower and possibly break monthly support levels if prices fail to breach 0.68761.

BULL INDICATORS

1. Double Bottom
2. Long Tailed Pin Bar
3. Prices Rejecting Key Monthly Support Levels

BEAR INDICATORS

1. Doji Found in the middle of descending channel, could signal indecision before breaking lower.
2. Price failed to break descending channel

TARGET/S

Target Level - 0.68761 (Short Term)
Tijmen_K
a year ago
good set up! thanks
Reply
PabloSantander Tijmen_K
a year ago
Thanks!
Reply
PabloSantander
a year ago
Daily chart not offering a clear entry to go long. On the sidelines for now.
Reply
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