Since the NZDUSD hit it higher high of 2020. We’ve noticed something different, the pair has been trading within Resistance level 0.71736 and support level 0.70070. The pair has been in a range for the pasts market sessions. Click on link for the previous analysis for proper understanding. https://fxsits.com/the-nzdusd-price-action-retraces-after-bullish-soar/ .
In today’s analysis we take a look at the H4 and daily chart. In the chart price trades above the major support level 0.70070 .Because the pair is on a strong long term bullish trend on the higher time frame such as the daily and weekly. You may notice price at the support level 0.70070 giving us huge signals of a bullish continuation trend price action.
We could see the NZDUSD hit it’s 2020 high in the up coming weeks. However, if price retraces and holds below the support level 070070 at a daily close. Then we may see price move bearish to target level 0.68753 .This is where we will find our next support level. On the other hand, if price moves bullish above its previous current high 0.71736 then we could see the pair form a new 2020 high as we move into the new year of 2021 within days.
Getting the right entry at the right time in direction of the trend would put us in a good position to make profit. So subscribe to our free analysis signals to get free entry points and exits.
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