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.
Why is this so?
Price following the double top & bearish divergence pattern.
Price re-tested DT neckline but failed with bearish reversal.
Combination of inside bar and key reversal usually indicating that price to accelerate lower towards 0.6600.
Already sold at 0.6825.
so as previously stated we broke above the trend line, we also pushed past .68 and closed past that previous resistance. Our next upside target is .687 and I believe if we hit that area we will go all the way up to .69 to hit out original target.
Okay guys so right now its important to watch for key level .6765 If we can respect this level and stay above the trend line then we will be on our way to .69, but if we break below .6765 then .67 should be met shortly after
this is my buy setup for NZDUSD on daily timeframe.
As you can see the price have find support in the golden zone and have build a higher low
on the D1 chart. This give us a good Idea to go long with a swing trade long setup.
I wish you a good trading week.
Best wishes Stefan Forex
Here's a weekly chart of NZDUSD. It has recently retraced to the 38.2 retracement and is now on its way to the 0.68191 support which has held for more than a year now. We have RBNZ Interest rate decision this week so keen to see how that will affect this support area - whether it helps break it or support it
Recent price action: Bullish
Pattern: Rising wedge
Long-term momentum: Ranging
Short-term momentum: Bearish
Action: Already entered a short position for this pair; however, I would like to see a break and hold of short-term trend support on the daily chart. Do not add any more positions until price confirms movement to the downside.
This is a very quick trade, like a scalp on the daily chart, it works because of the bar formation in a strong downtrend. Will update, but as you can see it's either -1R or +1R, should happen soon after price chooses a direction.