NZDUSD Trade Idea
In yesterday's analysis, I expected NU to have a strong sell-off at 0.7240 resistance zone with 0.7171 support zone as the initial target, which was exactly what the market performed. A breakdown of yesterday's forecast, I noticed that 0.7240 served as a key resistance zone since 13th Jan, the level was again rejected on the 14th Jan. NU previously formed a lower high (0.7220 resistance) being rejected multiple times on the 21th, 22th & 25th Jan. That would lead to the majority placing their SL just above 0.7220 level, but did not realize that fact that price bounced off 0.7167 support zone every time when its being rejected from 0.7220 resistance level. that showed the lack of liquidity, probably requires more buyers to fill up their sell orders. In yesterday's analysis, I noticed multiple rejections at 0.7240 key resistance zone, which could send NU towards 0.7167 support zone due to the weakness. In today's trading session, I will be favoring short-term selling opportunities after some pullback ideally to re-test the 0.7170 resistance zone with 0.7095 & 0.7040 support zones as targets.
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.
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.