NZD/USD: The Monthly time frame is consolidating in a triangular

Tian Kriek

Analyst


July 16, 2019 07:28 AM

BULLISH

Daily Trading Range:
NZD/USD: The Monthly time frame is consolidating in a triangular formation between pivotal resistance at 0.7400 and pivotal support at 0.6600. Currently, price is moving from the Triangle support to the triangle resistance. The bias is bullish. On the weekly time frame there is an UP ABCD swing with the D extension at 0.7066 about +350 pips away. The Daily fibs are also in an up swing and the Daily StochasticRSI is bullish. Next resistance is at 0.6900 just above the current Daily D extension. I can see that the 2 Hour Fib D extension has been hit suggesting a short term retracement before price moves bullish again. I shall wait for a new UP AB Boundary and the 2 Hour StohasticRSI to be in the Buy Zone before buying

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 0.7150
Resistance 2: 0.7440
Resistance 1: 0.7500
Current Price 0.6721
Support 1: 0.6400
Support 2: 0.6200
Support 3: 0.6000

Two Hour Chart

Two Hour Chart
The market is moving can you keep up?