NZDUSD Trade Idea
In yesterday's analysis, I expected short-term selling pressure on NU due to the over-extended condition, which was exactly what the market performed. Currently, we will remain neutral bias due to the temporary shift in momentum, do pay attention to both 0.7267 (resistance) & 0.7230 (support) zones. However, do be cautious that there are many minor zones on NU at the moment, which means buyers could step in anytime around these zones. In the short-term, we need to see price stays above 0.7267 zone to remain bullish . However, I do personally favor a short-term selling opportunities back towards 0.7230 (yesterday's low) & 0.7174 technical support zones, which provides a better risk-to-reward. However, do not forget that the overall direction of NU remains bullish on the higher timeframe.
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.