NZDUSD → A combination of signals gives a reversal potential
Updated
NZDUSD makes a false break of 0.6381 resistance and forms a correction within the uptrend. The price is testing the trend support, a reversal candlestick pattern is formed on the 4H timeframe.Collectively, we have a signal on the candlestick pattern, a false breakout of trend support and a false breakout of MA-200. Consolidation is formed above the mentioned moving average.
The price is testing 0.236 Fibo and most likely this zone can serve as a starting point. If the bulls are able to keep the price above this level in the current situation, we may see growth in the medium term.
Support levels: 0.236 fibo, MA-200, trend support.
Resistance levels: 0.382 fibo, 0.6305
I expect the currency pair to strengthen after fixation above the mentioned support line. Medium-term target is 0.6305 and 0.6381.
Regards R. Linda!
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