#NZD/USD 1DAY
NZD/USD 1D – Support Turned Resistance
On the daily chart of the NZD/USD pair, a significant **support-turned-resistance** pattern has been identified. This is a bearish continuation signal, suggesting that the price is likely to move lower after retesting a previous support level, which is now acting as resistance.
#Pattern Overview:
-Support Becomes Resistance (SBR): After a breakdown below a key support level, the price has retraced to retest this level. What was once support has now turned into a resistance zone, confirming the bearish outlook.
#Forecast:
-Sell Signal: The forecast indicates a sell opportunity as the price is expected to reject the newly formed resistance level and resume its downward trend. This type of setup often leads to further declines in the price.
### Trading Strategy:
-Entry Point: Enter a sell position when the price fails to break above the resistance level (previous support) and shows signs of rejection (e.g., bearish candlesticks or other technical confirmations).
Targets: The initial target for the downside move would be the next significant support level below the current price. Look for price action lows or Fibonacci extensions for potential target areas.
Stop Loss: Place a stop-loss above the resistance level to protect against any potential bullish breakout that might invalidate the bearish setup.
This pattern indicates a continuation of the bearish trend in NZD/USD, with selling opportunities emerging as the previous support level now acts as a resistance barrier.
On the daily chart of the NZD/USD pair, a significant **support-turned-resistance** pattern has been identified. This is a bearish continuation signal, suggesting that the price is likely to move lower after retesting a previous support level, which is now acting as resistance.
#Pattern Overview:
-Support Becomes Resistance (SBR): After a breakdown below a key support level, the price has retraced to retest this level. What was once support has now turned into a resistance zone, confirming the bearish outlook.
#Forecast:
-Sell Signal: The forecast indicates a sell opportunity as the price is expected to reject the newly formed resistance level and resume its downward trend. This type of setup often leads to further declines in the price.
### Trading Strategy:
-Entry Point: Enter a sell position when the price fails to break above the resistance level (previous support) and shows signs of rejection (e.g., bearish candlesticks or other technical confirmations).
Targets: The initial target for the downside move would be the next significant support level below the current price. Look for price action lows or Fibonacci extensions for potential target areas.
Stop Loss: Place a stop-loss above the resistance level to protect against any potential bullish breakout that might invalidate the bearish setup.
This pattern indicates a continuation of the bearish trend in NZD/USD, with selling opportunities emerging as the previous support level now acts as a resistance barrier.
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