I am anticipating NZDUSD making a retracement.
-Price intitally made a bullish push
-Price then met resistance around 0.6500 level and formed a Double Top.
-A double top, is a sign of potentail bullish exhaustion and a possible reversal.
-After price tried to break the level, price then closed as a reversal candlestick, followed by a large bearish momentum candlestick.
-I am expecting price to close on 2/6/23 or 2/7/23 as a doji candlestick on the daily time frame.
-On the 4hr/1hr, I am expecting a double bottom, that will then make a bullish push.
- Price will then make a bullish push to test the neckline of the double top, which also aligns with the 50-61.8 Fibonacci level.
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-Price intitally made a bullish push
-Price then met resistance around 0.6500 level and formed a Double Top.
-A double top, is a sign of potentail bullish exhaustion and a possible reversal.
-After price tried to break the level, price then closed as a reversal candlestick, followed by a large bearish momentum candlestick.
-I am expecting price to close on 2/6/23 or 2/7/23 as a doji candlestick on the daily time frame.
-On the 4hr/1hr, I am expecting a double bottom, that will then make a bullish push.
- Price will then make a bullish push to test the neckline of the double top, which also aligns with the 50-61.8 Fibonacci level.
Please, Like, Comment, Follow for more ideas. Feel free to drop your ideas/analysis below !!!