NZDUSD price has entered a range. The price has tested the range high four times before and is now testing it again. However, from a price action perspective, it seems to be holding below the upper resistance without breaking through.
If the price breaks above the 0.57400 level, I expect it to rise by the range’s height. Interestingly, if it moves exactly by the range’s height, it aligns with the upper point of the trendline.
On the other hand, if the price fails to break above 0.574, I anticipate it will test the Fibonacci 0.618 level before making another attempt to push higher. Additionally, there is notable volume around the 0.618 level, which could support a potential bounce.
If the price breaks above the 0.57400 level, I expect it to rise by the range’s height. Interestingly, if it moves exactly by the range’s height, it aligns with the upper point of the trendline.
On the other hand, if the price fails to break above 0.574, I anticipate it will test the Fibonacci 0.618 level before making another attempt to push higher. Additionally, there is notable volume around the 0.618 level, which could support a potential bounce.
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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.