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NZD/USD: Rally Ahead or Downside Risk?
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Hello Traders,
Trust you had a great weekend.
Take a moment to read my analysis of the NZDUSD currency pair.
Overview
The NZD/USD pair is currently trading at 0.58325, maintaining a clear downtrend on both the H1 and H4 timeframes. The pair remains confined within a bearish channel, reflecting continued selling pressure.
Idea
The price is currently testing a critical support zone, which aligns with the 0.786 Fibonacci retracement level of the impulsive move from November 26th to November 29th. The current price action suggests a potential pause at this support level, indicating a possible rally if the zone holds.
In a bullish scenario, the price is expected to advance toward the 0.5890 and 0.59016 resistance levels. However, the high at 0.5929 is not anticipated to be breached under the current outlook. Should the price break above this high, further upward momentum could extend to the 0.59692 zone before a likely reversal.
On the other hand, a decisive break below the 0.57966 support would invalidate this bullish expectation and signal further downside potential.
Conclusion
While NZD/USD remains in a bearish trend, the current support zone presents a key inflection point. A rally is likely if the support holds, with resistance levels at 0.5890 and 0.59016 in focus. However, a breach below 0.57966 would confirm a continuation of the downtrend, nullifying the bullish outlook.
Do let me have your thoughts guys.
Cheers and have a great week.
Trust you had a great weekend.
Take a moment to read my analysis of the NZDUSD currency pair.
Overview
The NZD/USD pair is currently trading at 0.58325, maintaining a clear downtrend on both the H1 and H4 timeframes. The pair remains confined within a bearish channel, reflecting continued selling pressure.
Idea
The price is currently testing a critical support zone, which aligns with the 0.786 Fibonacci retracement level of the impulsive move from November 26th to November 29th. The current price action suggests a potential pause at this support level, indicating a possible rally if the zone holds.
In a bullish scenario, the price is expected to advance toward the 0.5890 and 0.59016 resistance levels. However, the high at 0.5929 is not anticipated to be breached under the current outlook. Should the price break above this high, further upward momentum could extend to the 0.59692 zone before a likely reversal.
On the other hand, a decisive break below the 0.57966 support would invalidate this bullish expectation and signal further downside potential.
Conclusion
While NZD/USD remains in a bearish trend, the current support zone presents a key inflection point. A rally is likely if the support holds, with resistance levels at 0.5890 and 0.59016 in focus. However, a breach below 0.57966 would confirm a continuation of the downtrend, nullifying the bullish outlook.
Do let me have your thoughts guys.
Cheers and have a great week.
交易進行
NZDUSD has done +43pips so far.手動結束交易
I'm seeing some resistance around 0.58631 and 0.5870 region, which may send price downwards, but if broken, our target still remains valid.
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