NZD/USD: From a long term perspective, price is in an Up Channel

Tian Kriek

Analyst


November 13, 2019 02:52 PM

BULLISH

Daily Trading Range:
NZD/USD: From a long term perspective, price is in an Up Channel and an Up ABCD swing. Price also bounced at pivotal support at 0.6200. On the Weekly time frame I see evidence that price is oversold (Bounce at 0.6200, Bullish Bat Pattern, Down Inner Trend Line breached).Price did breach the inner trend line and if I take the liberty to use the bullish crown on the Daily chart as a benchmark then price is poised to move higher (to potentially form a Harmonic Pattern) to 0.6440 resistance. There is a large Bullish Crown formation on the Daily chart suggesting that price will move to 0.6627 about +220 pips away. The 2 Hour Chart is suggesting that price will retrace to around 0.6380 before moving up. I shall consider a Buy at 0.6380

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 0.7150
Resistance 2: 0.7440
Resistance 1: 0.7500
Current Price 0.6410
Support 1: 0.6400
Support 2: 0.6200
Support 3: 0.6000

Two Hour Chart

Two Hour Chart
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