`NZD is Strong, USD is Weak
HOWEVER
We are at an interesting zone, why?
> Price is at key 0.7 level where there is huge resistance
> Price is at major long term weekly levels that have not been broken for some time
> Price is at upper end of Daily, Weekly channel range and has been for quite a while and has not been broken
> NZD price has risen incredibly fast meaning a profit take on a larger scale is getting closer
What could happen?
NZD could break resistance and then continue to rise very quickly, a pull back onto previous support (0.7) before continuing higher
or
NZD trying to break 0.7 on multiple occasions and the confluence of resistance being to much and a huge sell off will occur.
It is worth remembering also we are entering the end of the month where people start to take profits
Tell me your ideas?
HOWEVER
We are at an interesting zone, why?
> Price is at key 0.7 level where there is huge resistance
> Price is at major long term weekly levels that have not been broken for some time
> Price is at upper end of Daily, Weekly channel range and has been for quite a while and has not been broken
> NZD price has risen incredibly fast meaning a profit take on a larger scale is getting closer
What could happen?
NZD could break resistance and then continue to rise very quickly, a pull back onto previous support (0.7) before continuing higher
or
NZD trying to break 0.7 on multiple occasions and the confluence of resistance being to much and a huge sell off will occur.
It is worth remembering also we are entering the end of the month where people start to take profits
Tell me your ideas?
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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.
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.