on the daily timeframe we can see price action potentially creating a head and shoulder formation.
Which is also at the top of a channel as added confluence and also at a very strong weekly resistance level.
await completion of right shoulder, neckline break and retest to enter
Hey traders, here is the analysis for the NZDUSD. NOTE - Please do your own analysis before taking the trade. Let me know if you guys have any questions in the comment section. If you guys like my analysis please hit like. Thanks.
In my previous analysis, I said that I expect NzdUsd to have found a medium-term top above 0.73 and the pair dropped from that zone. More, Kiwi also has broken under the channel's support and, at this point, we can consider the top confirmed.
Yesterday the 0.7150 zone offered support and the pair had a new attempt to reconquer 0.72.
At this point 0.7240 is...
NZDUSD has been overextended to the upside for weeks, only looking for short opportunity at the retest if uptrend is broken. Otherwise, it could easily continue its next impulse to the upside
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Disclaimer: this is only for informational purpose, not any form of trading advice ;)
NZDUSD WAVE CORRECTION
Market Sell Order Set Up.
Sell Entry: (0.72323)
Max Risk-Reward: (1.54)
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The last days of 2020 and the beginning of 2021 found NzdUsd in a strong bullish mood, with the pair gaining almost 5% in a very short time.
This new leg up looks exhausted and prices above 0.73 attract sellers like a magnet.
I believe a correction is just around the corner and, in my opinion, rallies towards 0.73 should be sold.
My target for such a trade is...