Conclusion for today’s analysis: Resumption of a bullish trend in the NZDUSD is confirmed on a break above ~0.69660.
The 4 hour timeframe is examined in today’s NZDUSD analysis with price action covering the past 9 months with emphasis placed on the current active trend lines in the NZDUSD.
The overall trend from April 28 to current date is downwards as indicated by the bearish trendline.
The bullish price swing from ~0.64211 on October 5, 2018 did terminate at the second pivot used to draw the bearish trendline, where a head and shoulders top pattern did confirm.
0.65852 and 0.65221 represent support level below the current bullish trendline on the chart and therefore should present the opportunity to go long (buy) on a break below the trendline. The most conservative long (buy) position would seek to enter orders on a break above the bearish trendline and price closing above ~0.69660.
Price action closing below 0.65221 decreases the chances of continuation of the current bullish momentum from the price low made on October 5, 2018.
The 4 hour timeframe is examined in today’s NZDUSD analysis with price action covering the past 9 months with emphasis placed on the current active trend lines in the NZDUSD.
The overall trend from April 28 to current date is downwards as indicated by the bearish trendline.
The bullish price swing from ~0.64211 on October 5, 2018 did terminate at the second pivot used to draw the bearish trendline, where a head and shoulders top pattern did confirm.
0.65852 and 0.65221 represent support level below the current bullish trendline on the chart and therefore should present the opportunity to go long (buy) on a break below the trendline. The most conservative long (buy) position would seek to enter orders on a break above the bearish trendline and price closing above ~0.69660.
Price action closing below 0.65221 decreases the chances of continuation of the current bullish momentum from the price low made on October 5, 2018.
