NZDUSD

We sent out an analysis on the NZDUSD last week. In that post we mentioned that if price held above the resistance level 0.66690 on the daily. Then we could see price move to the target level 0.67930. The link below can be used as reference https://fxsits.com/nzdusd-price-moves-past-resistance-level/. After a couple of market sessions we have seen price hold and break above the resistance level 0.66690. This level now is acts as our support. From the time of this post price currently trades above the level and moves closer to the target level 0.67930. Will the NZDUSD soar bullish ?

H4 Time frame NZDUSD.
NZDUSD H4 Chart 6 November 2020

In both time frame H4 and daily , we see the NZDUSD trading just a few pips below the target price level. Level 0.67930 which is a strong resistance zone.Reason being we have seen price have test the level many times. So, if we see price move above the level, hold and closes on the daily then we could see level 0.68217 become exposed.Thus, signaling a strong long term bullish formation of the pair.

NZDUSD Daily Chart 6 November 2020
NZDUSD Daily Chart 6 November 2020

However if price finds resistance at the target level 0.67930. Then we could see price retrace back to level 0.66690 .At this level will we see price acting as our support . Our advise for this pair is simple.Watch the pair and see how price action plays in the up coming market seasons.Because the US elections are currently underway. This could possibly affect the strength of the dollar. For that reason we could see the NZDUSD soar bullish.

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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