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NZD/USD Potential Upward Movement

NZD/USD Long-Term Trend: Bullish

Key Resistance Levels: 0.70055, 0.70440, 0.70867.

Key Support Levels: 0.69684, 0.69323, 0.69000.

Daily Chart:

The price on the higher time frame failed to break the 0.68097 USD mark and posted an engulfing bullish pattern. The coin succeeded to break the strong daily resistance ( now support ) around the 0.69323 USD mark where a continuation to the upside is expected.

NZD/USD Medium-Term Trend: Bullish

1-Hour Chart:

On the lower time frame, the price is traded inside a bullish channel formation where the price is expected to post a correction to the lower end of this pattern. This will lead to a move higher in the same direction of the main trend.     

Signal Idea:

Buy Limit Order @ 0.69696

TP 1 @ 0.70044

TP 2 @ 0.70440

Stop Loss @ 0.69580

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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