NZDUSD Trade Idea
In yesterday's analysis, I expected NU to have further bearish pressure breaching below 0.7171 minor support zone, but price found bullish momentum bouncing off 0.7171 support zone towards 0.7238 resistance zone as mentioned. In today's session, will remain neutral bias we the current condition of NU is quite range bound. There are two setups that I am looking at
1. If we notice further rejection or rollover at 0.7240 current resistance zone indicating failure to go above it, that could send NU towards 0.7170 support zone (Bearish)
2. To validate any long setup. we need to see 0.7240 resistance zone clearly breached, then a break & re-test setup can be considered with 0.7278 & 0.73 resistance levels as targets (Bullish)
However, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
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1. If we notice further rejection or rollover at 0.7240 current resistance zone indicating failure to go above it, that could send NU towards 0.7170 support zone (Bearish)
2. To validate any long setup. we need to see 0.7240 resistance zone clearly breached, then a break & re-test setup can be considered with 0.7278 & 0.73 resistance levels as targets (Bullish)
However, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
Note
Previous analysis
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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.