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NZD/USD Potential Upward Movement

NZD/USD Long-Term Trend: Bullish

Key Resistance Levels: 0.71541, 0.72870, 0.73000.

Key Support Levels: 0.70858, 0.69797, 0.69434.

Daily Chart:

The price on the higher time frame failed to break the 0.70858 USD mark and posted a doji candlestick showing a potential reversal. This what happened the market reversed and moved higher above the daily support. Further movement to the upside is expected in the coming hours.

NZD/USD Medium-Term Trend: Bullish

4-Hour Chart:

On the lower time frame, the price posted a double bottom formation which led to a reversal and a breakout to the upside of the bearish channel. A lower correction could be seen to the highlighted zone before a new bullish impulsive wave toward the target profit.

Signal Idea:

Buy Limit Order @ 0.71151

TP 1 @ 0.71533

TP 2 @ 0.72870

Stop Loss @ 0.71040

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.

One comment

  1. Thanks for the signal. Appreciate it very much.

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