Bullish mood on the NZD / USD chart

2022年3月20日

Hello traders; I hope your previous trading week was the way you wanted it to be. Let’s be ready for next trading week and stay as sharp as possible. Here we have a daily NZD/USD chart. We can see the dominance of bulls for almost 3 months. We also got a very nicely formed bull pattern (inverted H&S), which has been confirmed in the last few sessions (daily and weekly closure above the neckline). It is also important to note that this daily and weekly closing above 0.6870 is very important, because here we have a monthly Pivot resistance 1, and according to theoretical rules, that means that we have a strong bullish sentiment here. So, my idea and suggestion is to look for a good long entry and enjoy moving up (to the upper line of the channel, which I consider as resistance). Of course, it could go even further in certain circumstances. But keep in mind that a daily close below 0.6870 will erase the bullish bias.

Trade safe,
Merjem