NZDUSD Trade Idea
NU is currently in an uptrend, in today's analysis I'll be using the 4h chart for a better clarity in the market. NU was in a clear uptrend with higher highs & lows sequence, a range bound condition began to form when NU failed to further rally on 6th Jan formed a head & shoulder pattern, indicating short-term bearish sentiment in the market. In today's trading session, I'll remain neutral bias. There are two scenarios that I am looking at
1. A second rejection off 0.7219 previous swing high with 0.7115 support zone as the initial target. Be aware that price could have a deeper pullback towards 0.7237 resistance zone before sellers step in. (Bearish)
2. To activate any short-term long setup, we'll need to see 0.7237 resistance zone clearly breached. (Bullish)
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.
1. A second rejection off 0.7219 previous swing high with 0.7115 support zone as the initial target. Be aware that price could have a deeper pullback towards 0.7237 resistance zone before sellers step in. (Bearish)
2. To activate any short-term long setup, we'll need to see 0.7237 resistance zone clearly breached. (Bullish)
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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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.