Broad-based USD strength along with dovish RBNZ has led to a big Sell off in NZDUSD. However, it looks like the selloff is about to end soon.
Right now price is testing a very critical area at 0.6591. In the previous occasion, we have seen price reverse strongly from this area.
This kind of levels are powerful and often lead to quick reversals.
So, traders can...
This pair is currently trading at a major support zone as seen on the monthly chart (yellow zone) and is forming a Harmonic Bat Pattern. This is a long term pattern but we are predicting the Harmonic Bat Pattern will be completed and we are looking for price action to move towards the upside from this point. FX:NZDUSD
Nice Bullish move about to unfold.
With good risk to reward ratio.
MACD & Stoch RSI showing Hidden
Divergence. For Elliot wavers, this
could be Wave 5 forming.
See previous analysis
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NZDUSD Analysis: Price sold as expected heading towards support zone price 0.65807. NU is still above trend- line so expect price to reach support then bounce to test resistance 0.66550 Long-Term Daily timeframe.
NZDUSD Analysis: Price sold but bounced-off support and broke trend. NU is currently near Resistance zone 0.64344 and above trend-line. Expect price to possibly break and head towards next resistance or to retest support Long-Term Daily timeframe
This pair recently bounced off a major support zone and price action has recently broken below a major trend line trend line (yellow) as well. This trend line has become a support zone as well. We also see the formation of a harmonic Bat Pattern and we predict it will be completed. These are all bullish technicals and our strategy is to trade the 4th leg of the...
NZDUSD Analysis: Price possibly bought as expected but didn’t test resistance. Price is currently above support zone 0.65133 and still underneath trend-line. Expect price to possibly head towards resistance zone 0.68409 to retest support Long-Term Daily timeframe