I have 2 scenarios for NZDUSD
1: Bearish scenario : according to last strong bearish movement it can continue bearish trend and break weekly support. for this scenario we need to break the 0.56880 support level and trendline first. if it broken it would touch 0.55921-0.55131 and then according to strength of trend, we will find out whether it can break this support level (0.55921 - 0.55131) or not. (I would update idea)
2. Bullish scenario : according to important and strong weekly support level and that it's hard to price to break it. trend can revers on it and start a bullish trend. for this scenario we need price to break the 0.58179 - 0.58825 resistance level.
If any of these scenarios happen, it can make a big move.
I will definitely update my analysis.
It's just my personal analysis and I have no responsibility for your trades. thanks for your attention.
1: Bearish scenario : according to last strong bearish movement it can continue bearish trend and break weekly support. for this scenario we need to break the 0.56880 support level and trendline first. if it broken it would touch 0.55921-0.55131 and then according to strength of trend, we will find out whether it can break this support level (0.55921 - 0.55131) or not. (I would update idea)
2. Bullish scenario : according to important and strong weekly support level and that it's hard to price to break it. trend can revers on it and start a bullish trend. for this scenario we need price to break the 0.58179 - 0.58825 resistance level.
If any of these scenarios happen, it can make a big move.
I will definitely update my analysis.
It's just my personal analysis and I have no responsibility for your trades. thanks for your attention.
Trade active
the box that price made is important and break the box from any side can determine the direction of price movement.
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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.