NZDUSD (Weekly) Reaching a STRONG RESISTANCE ZONE
TECHNICAL ANALYSIS:
-For a long year, the market followed a clear side trend , bouncing between two really strong levels, a Resistance zone at about 0.74000 and a Support zone at about 0.68310, breaking it during a Downtrend in June 2018.
-The price then started following a new side channel, using the support zone as the new Resistance zone until the beginning of November.
-A strong volatility made the price breaks the resistance zone and now the price is still following a clear and intense uptrend, trying reaching our previous weekly level at 0.74000.
CONCLUSION:
The market is actually going up, closing everyday with clear upbars. Even if the price is overbought, there is still no sign of inversion, it could be a confirmation that the price is trying to reach the resistance level.
I'll definitely wait an inversion of the market before entry short, at the moment, I'll just see what will happens!
If you enjoyed my free analysis, just let me know with a LIKE and COMMENT sharing also your ideas! (Don't forget to follow my channel for more free analysis like this!!)
Have a good Friday and Trade Safe!
Gianni
-For a long year, the market followed a clear side trend , bouncing between two really strong levels, a Resistance zone at about 0.74000 and a Support zone at about 0.68310, breaking it during a Downtrend in June 2018.
-The price then started following a new side channel, using the support zone as the new Resistance zone until the beginning of November.
-A strong volatility made the price breaks the resistance zone and now the price is still following a clear and intense uptrend, trying reaching our previous weekly level at 0.74000.
CONCLUSION:
The market is actually going up, closing everyday with clear upbars. Even if the price is overbought, there is still no sign of inversion, it could be a confirmation that the price is trying to reach the resistance level.
I'll definitely wait an inversion of the market before entry short, at the moment, I'll just see what will happens!
If you enjoyed my free analysis, just let me know with a LIKE and COMMENT sharing also your ideas! (Don't forget to follow my channel for more free analysis like this!!)
Have a good Friday and Trade Safe!
Gianni