NZDUSD might be giving us an opportunity to profit from a quick pullback to the upside.
Price has rejected support with a clean double bottom with MACD divergence intraday, followed by a higher high. Then price consolidated forming a triangle pattern and broke out with increasing volume. There is enough room for price to move smoothly to the next supply area at 0.7100 area, which coincides with the 1.618 fib extension. This is very good.
Nevertheless, I wouldn't be losing sight of the higher timeframes. Weekly is still corrective and from a daily perspective this moves looks just as a pullback to retest dynamic resistance at the Daily50EMA, This is why it would be an in-and-out trade for me.
I hope someone found this helpful!=)
Let me know if you see something else in the charts
Price has rejected support with a clean double bottom with MACD divergence intraday, followed by a higher high. Then price consolidated forming a triangle pattern and broke out with increasing volume. There is enough room for price to move smoothly to the next supply area at 0.7100 area, which coincides with the 1.618 fib extension. This is very good.
Nevertheless, I wouldn't be losing sight of the higher timeframes. Weekly is still corrective and from a daily perspective this moves looks just as a pullback to retest dynamic resistance at the Daily50EMA, This is why it would be an in-and-out trade for me.
I hope someone found this helpful!=)
Let me know if you see something else in the charts
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