1H - The NZDUSD was in a strong downtrend however that recently came to an abrupt end. It has tried to form an uptrend after that downtrend exit however that has come to a halt due to a strong resistant point which then led it to fall back onto the black line which has acted as a support for it.
Because of this, we can see two potential trades, short or long. We must wait for a good entry to decide which position we shall take and that is for you to decide.
If NZD fails to break the resistant line once again, we then may see downfall movement to the blue lines. However, if it breaks it, we can then see upwards movement.
Look at shorter time frames to confirm your entry.
There may be a higher chance of it being a long position due to the uptrend the Dollar has created on the 1H but may weaken due to political issues and the pair is also oversold on Stochastic.
Please do your Fundamental analysis and check your economic calendars and do keep any eye out for this on Monday.
Goodluck.
Red lines for resistances
Blue lines for supports
Because of this, we can see two potential trades, short or long. We must wait for a good entry to decide which position we shall take and that is for you to decide.
If NZD fails to break the resistant line once again, we then may see downfall movement to the blue lines. However, if it breaks it, we can then see upwards movement.
Look at shorter time frames to confirm your entry.
There may be a higher chance of it being a long position due to the uptrend the Dollar has created on the 1H but may weaken due to political issues and the pair is also oversold on Stochastic.
Please do your Fundamental analysis and check your economic calendars and do keep any eye out for this on Monday.
Goodluck.
Red lines for resistances
Blue lines for supports
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