NZD/USD Buy Opportunity at Channel Support (1H)📈 NZD/USD – Bullish Channel Setup (1H Timeframe)
Price action is currently moving within a clearly defined ascending channel. After a period of consolidation, the pair has been making higher highs and higher lows, respecting the structure of this bullish channel.
🔹 Trend Bias: Bullish (short-term) 🔹 Support Zone: Lower boundary of the channel (around 0.6020) 🔹 Resistance Zone: Upper boundary of the channel (around 0.6060) 🔹 Current Price: 0.60288 – sitting right above the channel’s midline and testing support
🔍 Analysis:
Price is respecting the ascending trendline and forming minor pullbacks along the way.
The current candle is testing the lower boundary of the channel, which could act as a potential bounce zone if bullish pressure continues.
If price holds above this trendline support, we could see another leg toward the channel top near 0.6060.
However, a break and close below the channel support could open the door for a deeper pullback toward 0.6000 or even 0.5980.
📌 Watchlist Setup:
Buy scenario: Look for bullish confirmation around 0.6020 – bullish engulfing or strong rejection wicks.
Sell scenario: Wait for a clear break and retest of the lower channel line for possible short entries.
🧠 Bias Caution: Always align this setup with your higher timeframe analysis (e.g., 4H or Daily) and watch for upcoming news events that could impact USD or NZD.
