NZDUSD

We last spoke about the NZDUSD pair on the 13th of this month. This was during the time price was ranging within level 0.65128 and level 0.66690 .Level 0.65128 being our support area and level 0.66690 being our resistance area. The link below is reference for the last time we spoke about this pair. https://fxsits.com/the-nzdusd-imminent-bullish-move/ .The NZDUSD pair Price hasn’t broken past both the resistance nor the support level.

NZDUSD H4 chart 21 October 2020
NZDUSD H4 chart 21 October 2020

Looking at both the H4 and the Daily chart , we see how price has been failing to break past the support at level 0.65128. We emphasize the importance of this level because it is near the Fibonacci level 23.6 .You will also notice price action failing to break past the resistance level 0.66690 .Thus giving us a ranging market for the pair within those levels.

If price breaks bullishly above level 0.66690 and manages to hold. Then level 0.67930 will be exposed. This is our higher high of the pair since the start of the year . However, if the pair’s price action moves bearish and breaks level 0.65128 . Then level 0.61466 will be exposed.

NZDUSD Daily chart 21 October 2020
NZDUSD Daily chart 21 October 2020

We believe that a strong bullish price movement may be imminent. Our analysts think that the pair could be traded for the long term. Signals on the higher timeframe shows the pair still holds a long bullish trend possibility. Being patient and waiting for price action to signal the green light is the best way forward .

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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