NZDUSD Trade Idea
In yesterday's analysis, I discussed about the potential rejection at 0.7167 minor resistance zone, however, price breached the resistance zone very strongly. In today's session, we'll need to monitor the price action of NU, see the momentum its approaching 0.7240 minor resistance zone, if there's a clear bearish rejection, we could expect some mean reversion setup back towards 0.7165 support zone. But if the bullish momentum is strong, wait for an upwards breakout of 0.7240 resistance zone for a break & re-test setup. In the short-term, I will be favoring short opportunities due to the lower highs & lows sequence. However, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
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Trade safe.
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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.