NZDUSD: A great LONG opportunity on this PULLBACK!
Hi traders and welcome to my channel, if you enjoy my FREE Technical Analysis📈 and Trading Tips📉, support the idea hitting the LIKE👍 button and don't forget to SUBSCRIBE✔️ my channel, you won't miss anything!
🟢Forex Pair:
NZD/USD
⚪Technical Analysis:
In the weekly time frame, since March 2020, the price has been following a strong uptrend and it's currently reached an important resistance zone that reversed the price many times in the past.
In the daily time frame, the price got a strong impulse once it reached the main trendline at the beginning of November 2020, moving up with an interesting bullish movement.
Few days ago it bounced on a daily support level at about 0.71610 and it's currently still in uptrend.
In the h4 time frame, yesterday the price broke an interesting symmetrical triangle pattern breaking through its dynamic resistance.
It has currently retesting the support level at about 0.71640 and the next price action will be essential to understand if the price will pullback on it, confirming the breakout of the chart pattern.
🔴Conclusion:
I'm confident to see the price growing until the main resistance at about 0.73146 and I would open a long position if the price will get a proper rejection on the current support level.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
NZD/USD
⚪Technical Analysis:
In the weekly time frame, since March 2020, the price has been following a strong uptrend and it's currently reached an important resistance zone that reversed the price many times in the past.
In the daily time frame, the price got a strong impulse once it reached the main trendline at the beginning of November 2020, moving up with an interesting bullish movement.
Few days ago it bounced on a daily support level at about 0.71610 and it's currently still in uptrend.
In the h4 time frame, yesterday the price broke an interesting symmetrical triangle pattern breaking through its dynamic resistance.
It has currently retesting the support level at about 0.71640 and the next price action will be essential to understand if the price will pullback on it, confirming the breakout of the chart pattern.
🔴Conclusion:
I'm confident to see the price growing until the main resistance at about 0.73146 and I would open a long position if the price will get a proper rejection on the current support level.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.