NZDUSD Weekly Technical Outlook
NZD has been one of the strongest among the majors recently. On the weekly time frame, price action has entered a major resistance zone, which is around the 0.72590 area. However, the larger picture is that of a market operating in a consolidation area or horizontal channel (bound in magenta coloured horizontal lines). Thus, if price action breaks above the resistance around the 0.72590 area, a likely target of bulls is the channel resistance around the 0.73460 area.
On the daily time frame, both the order flow context and the technicals are strongly in support of bulls. So we may expect a bullish continuation.
On the H4 time frame, price action has breached to the north a resistance trendline (navy colour) from the high of July 27, 2017 and flipped it into a support. The most recent price action is struggling around the horizontal resistance around the 0.72590/0.72620 area but a support trendline (magenta colour) from the low of December 8, 2017 is still very much respected.
I may be wrong. Trade safe and prosper.
KP
NZD has been one of the strongest among the majors recently. On the weekly time frame, price action has entered a major resistance zone, which is around the 0.72590 area. However, the larger picture is that of a market operating in a consolidation area or horizontal channel (bound in magenta coloured horizontal lines). Thus, if price action breaks above the resistance around the 0.72590 area, a likely target of bulls is the channel resistance around the 0.73460 area.
On the daily time frame, both the order flow context and the technicals are strongly in support of bulls. So we may expect a bullish continuation.
On the H4 time frame, price action has breached to the north a resistance trendline (navy colour) from the high of July 27, 2017 and flipped it into a support. The most recent price action is struggling around the horizontal resistance around the 0.72590/0.72620 area but a support trendline (magenta colour) from the low of December 8, 2017 is still very much respected.
I may be wrong. Trade safe and prosper.
KP
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