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NZD/USD Potential Upward Movement

NZD/USD Long-Term Trend: Bullish

Key Resistance Levels: 0.7108, 0.7237, 0.7316

Key Support Levels: 0.7011, 0.6938, 0.6789

Daily Chart:

The price on the higher time frame was in a clear uptrend where it is bouncing inside a bullish flag formation. This pattern shows that the price is in a correction. At the 50% Fibonacci retracement level, the price found buyers which could cause a move upward in the same direction of the main trend.

NZD/USD Medium-Term Trend: Bullish

4-hour Chart:

On the 4-hr time frame, the price is trading inside a bearish channel formation where the price is being pushed to the downside.  Recently, the pair managed to break the channel to the upside which shows that the buyers are in control and they might succeed to push the price to the upside.

Signal Idea:

Buy Limit Order @ 0.7011

TP 1 @ 0.7095

TP 2 @ 0.7108

Stop Loss @ 0.6983

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. Hi. Joe. I been follow you for more than six month. And i have to tell you that I like the way you trade. I been b learning a lot from you. Definitely I will get my signals from you.

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