NZD/USD: The up channel support line on the monthly time frame

Tian Kriek

Analyst


March 27, 2020 09:00 AM

BULLISH

Daily Trading Range:
NZD/USD: The up channel support line on the monthly time frame has been broken to the downside. There is a down ABCD swing on the monthly time frame with a D extension at 0.4564 about +1,090 pips away. The Weekly Fibonacci D extension has been hit, suggesting that price is oversold and is too risky to be selling. Instead I shall wait for the Daily chart to turn Bullish, as well as the Weekly and then look to trade the looming retracement. Get this chart and analysis for free. Copy and Paste the following link in your browser: https://smarttrader.com/charts/tkriek/tk-aod-workspaces-27-mar/

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 0.7150
Resistance 2: 0.7440
Resistance 1: 0.7500
Current Price 0.5915
Support 1: 0.6400
Support 2: 0.6200
Support 3: 0.6000

Two Hour Chart

Two Hour Chart
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