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

Tian Kriek

Analyst


January 23, 2020 04:05 AM

BEARISH

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. The Weekly down trend line has been broken and confirmed. However, price also hit the up Weekly Fibonacci D extension which means price is likey to return to the backside of the broken trend line for a test. The daily up inner trend line has been broken, suggesting that price will fall further. There is a confluence of support at the backside of the broken weekly down trend line at 0.6550. I am waiting for a confirmed down Fibonacci ABCD swing on the Daily chart before I am going to apply any trading strategy (in a Bearish capacity). Get this chart and analysis for free. Copy and Paste the following link in your browser: https://smarttrader.com/charts/tkriek/tk-aod-workspaces-23-jan/

Daily Chart

Daily Chart

Daily Support and Resistance

Resistance 3: 0.7150
Resistance 2: 0.7440
Resistance 1: 0.7500
Current Price 0.6593
Support 1: 0.6400
Support 2: 0.6200
Support 3: 0.6000

Two Hour Chart

Two Hour Chart
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