For this setup, I'm seeing a potential sell swing if we don't break and close above 1.31800.
This a reversal type-trade setup, so it's a bit risky considering the recent H uptrend.
For this setup, I'm seeing a potential buy swing respecting 160.780 support level.
This a reversal type-trade setup, so it's a bit risky considering the recent H downtrend.
We'll have to see how next week opens though, as price could push a little further down.
Basic support and Resistance
Anticipating price to push up respecting red support line/zone
However if price pushes aggressively down through 162.565, we may want to look for sells to 161.855
Assuming the current downtrend was to continue, my analysis leads me to believe the market is preparing for another push downwards.
However, if price pushes up and closes above 163.533, you may want to look into closing short positions or looking into buying positions in the near future.
FX:NZDUSD
Looking to see a bounce off of the Daily trend line support. Anticipating buying opportunities (position trades) in the next 1/2 weeks. Yes there might be good selling opportunities as well, it all depends on the trader.
I will personally be looking to buy and hold to the 0.67061 price level.
