NZDUSD

We last spoke about the NZDUSD last month. At the time we saw the pair find resistance at level 0.66690 and level 0.65128 also served to be our support level. Reference link provided here . https://fxsits.com/the-nzdusd-struggles-to-break/ .We also noted the NZDUSD imminent bullish move before price found resistance. Price has been consolidating in between these levels and hasn’t moved any further.

NZDUSD H4 chart 13 October 2020
NZDUSD H4 chart 13 October 2020

Looking at the H4 time frame, we see how price is trades below the resistance level 0.66690. You will also notice price trade above the Anti-trendline. If price’s movement holds above the anti-trendline, manages to break above resistance level and holds on a daily timeframe. We can expect to see the NZDUSD imminent bullish move towards level 0.697930 which is set to be our target. However, if price moves below the anti-trendline and holds on the daily close then level 0.65128 will be exposed. This level is set to be our as well which is our next support level.

NZDUSD Daily chart 13 October 2020
NZDUSD Daily chart 13 October 2020

On the daily time frame , there is a bull trend and price has found support on the forbinacci level 23.We strongly believe that a bullish movement of this pair is imminent. We think that in the up coming weeks or months, if price breaks above level 0.66690 and hold on a daily time frame market close. Get full analysis of chart explanation with the attached charts.

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read the risk warning before deciding to trade the markets.

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