NZDUSD H4 | Bearish reversal?Based on the H4 chart analysis, we can see that the price has just reacted off our sell entry at 1.6165, which is an overlap resistance.
Our take profit will be at 0.6106, an overlap support level.
The stop loss will be placed at 0.6222, which is a swing high resistance level.
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Nzdusud
NZDUSD: Cont'd from Previous PostWhile NZDUSD retraced expectedly before rising further, the current movement suggested further retracement before the rebound.
What's confirmed now is that NZDUSD has broken away from a previous bearish structure and recently also broke out of a consolidating structure towards the upside.
The price is expected to retrace 0.6615 where it broke out from a bearish structure.
Look for buying opportunity from 0.6615 to 0.6605, targeting 0.6690 and 0.6720.
NZDUSD: Breakout of Consolidating StructureNZDUSD has been on the rise since it found support and rebounded off from a 4 year low around 0.6200.
In the process of the rebound, the price has broken a few critical resistance levels such as the 8-month falling trendline.
There's little doubt that NZDUSD is in a bullish structure while the dollar is also weakening.
Just recently, the price has broken out of a downward consolidating structure and a new bullish trend has just begun.
Wait for the pullback towards 0.6630 to look for a buying opportunity.
NZDUSD - Ready for 3rd Wave of Downtrend?Continuation of yesterday's forecast on NZDUSD, the price has retraced significantly after the completion of the 2nd wave of a bearish trend.
At this moment, the price is seen hovering near the supply zone at 0.684.
The retracement has hit a volume of 34 pips, similar to the previous wave of retracement just before the price dropped yesterday.
For a confirmation that the price will continue to fall for the 3rd wave, it has to first break below 0.683.
At the same time, we should keep a close watch on the dollar which is seen quite sluggish as it attempts to rebound and climb higher.