NZD/USD Poised for Bullish Breakout: Key Levels to Watch
NZD/USD pair is currently forming a bullish breakout setup on the 4-hour timeframe. The price has been consolidating within a descending wedge pattern (marked by blue trendlines), which is a bullish reversal signal. Historically, similar wedge breakouts have led to significant upward movements, as seen in previous instances on this chart.
Breakout Confirmation & Entry:
The price has tested the descending resistance line multiple times and is now attempting to break above it.
A successful breakout and retest of this level could confirm a bullish continuation.
The entry zone aligns with the breakout area above the wedge pattern, providing a high-probability long setup.
Target Levels:
First Take Profit (TP1): 0.57705 - 0.57715 (Previous high & key resistance)
Second Take Profit (TP2): 0.58165 (Next major resistance level)
Final Take Profit (TP3): 0.59001 - 0.59003 (Strong supply zone & key resistance)
Risk Management:
Stop-loss placement: Below the recent swing low (~0.55965), as a breakdown below this level would invalidate the bullish setup.
The risk-to-reward ratio (RRR) appears favorable, with a well-structured green risk-reward box showing higher potential upside than downside.
Breakout Confirmation & Entry:
The price has tested the descending resistance line multiple times and is now attempting to break above it.
A successful breakout and retest of this level could confirm a bullish continuation.
The entry zone aligns with the breakout area above the wedge pattern, providing a high-probability long setup.
Target Levels:
First Take Profit (TP1): 0.57705 - 0.57715 (Previous high & key resistance)
Second Take Profit (TP2): 0.58165 (Next major resistance level)
Final Take Profit (TP3): 0.59001 - 0.59003 (Strong supply zone & key resistance)
Risk Management:
Stop-loss placement: Below the recent swing low (~0.55965), as a breakdown below this level would invalidate the bullish setup.
The risk-to-reward ratio (RRR) appears favorable, with a well-structured green risk-reward box showing higher potential upside than downside.
Trade closed: target reached
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⤵️‼️Join us on Telegram‼️⤵️
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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.