Weekly Forecast for NZDUSD

8月4日Monthly/Weekly Low: The monthly/weekly low is around the 0.58400 level. This level serves as a significant support point and psychological barrier.

Weekly High: The weekly high is positioned at 0.59800. This level acts as a major resistance point and is currently being tested.

Asia Low: The Asia low is positioned at 0.59000, which aligns with our psychological zone, making it a strong potential reversal area.

Key Observations:

Weekly Confirmation: The market has provided a weekly confirmation of the trend. The price has been oscillating within the highlighted zones, showing a mixed trend for the week.

Price Action: The price is currently testing the weekly high of 0.59800. This level is crucial as it could either act as a resistance leading to a reversal or be broken for further upward movement.

Psychological Zones: The Asia low falls into the key psychological zone of 0.59000. This level is significant for potential reversals or continuations of the trend.

Session Confirmation: The Asia low falling into the 0.59000 psychological zone provides a good session confirmation, indicating a potential area for buying if the price shows bullish signals.

Trading Plan:

Buy Zone: Around 0.59000, leveraging the support provided by the Asia low and the psychological zone. Look for reversal patterns or strong bullish signals before entering a buy position.

Sell Zone: Around 0.59800, considering the resistance at the weekly high. This area could provide a good opportunity for short positions if the price shows signs of reversal.

Watch List: Monitor the price action as the market progresses. Set alerts around the 0.59000 level to observe price action and validate the trade setup through real-time movements and market sentiment.