Possible long for NZDUSD. Price has remained beneath both the 200 EMA and the 50 EMA indicating a strong short bias. Price has also been following a parallel trend for the past couple of weeks and has recently hit the trend line channel resistance, also indicating a short bias. Price has also been recently rejected by a local resistance line. FX:NZDUSD
Disclaimer- I could be wrong/Trade at your own risk...
Two weeks ago, I stated market is getting ready for a buy as it entered oversold region of RSI. This is an update for entry area to buy up, RSI bottomed at 27 reading and market hit a good support area as depicted in it's history. Market has now retracing down to possibly form a double bottom as it often does, then a good uptrend likely to follow. Will try a...
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...
So currently the price were somewhat exhausted at 0.68. If this line holds, it open the posibilities of price creating a symmetrical triangle for the pair.
So, what i think is that price were continuing rejection last week. The problem is that currently price were respecting the minor support at 0.6869. Its important to understand what the price says about this line, which yet remain to be seen.
NZDUSD Breakout... Keep watch Target 0.68100 & 0.67300
NZDUSD / TECHNICAL CHART Please support the setup with your likes, comments and by following on TradingView.
NZDUSD / TECHNICAL CHART ( ABCD COMPLETED )
NZDUSD / M15 / Head and Shoulders Pattern