NZDUSD multi-month trendline breakout soon
Updated
NZDUSD got 24% more expensive since the Covid-19 bottom. All that way, the pair seemed to flirt with a very interesting dynamic S/R level.
So now, after the recent USD buying appetite from investors, NU wants to break out of this trendline again. My first target is a high confluence area around 0.6500 where we have
i) Big figure 0.65
ii) Fundamental Fib level
iii) 61.80% projection of the recent wave to the downside which is not shown in the graph, but trust me haha
Our swing target is about 100 pips cheaper with a good stop loss being above the neckline of the double bottom that formed in the market recent which is around 35 pips from where we're at now.
Happy swinging traders! ;)
So now, after the recent USD buying appetite from investors, NU wants to break out of this trendline again. My first target is a high confluence area around 0.6500 where we have
i) Big figure 0.65
ii) Fundamental Fib level
iii) 61.80% projection of the recent wave to the downside which is not shown in the graph, but trust me haha
Our swing target is about 100 pips cheaper with a good stop loss being above the neckline of the double bottom that formed in the market recent which is around 35 pips from where we're at now.
Happy swinging traders! ;)
Note
Price consolidating - gathering shorts on trendline. Trade setup still valid. We wait...
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.