NZD/USD: Price Action Is Looking Bullish

Published date: 05/07/2018
172 views
 
 

Yesterday we had a slow day across the board with all USD currency crosses, due to the American holiday which saw price fluctuate within a small range, as price moved sideways. This came at a time for this pair as we were reaching the outer trend line resistance and we were looking for a break or bounce. 

Today, price action is looking bullish, as we continue to push higher and have now begun the breakthrough of trend line resistance. Just above my trend line (as shown on my chart), I have drawn on the first point of resistance which stands in an intimidating way for the bulls, as the last lower low of the long-term downtrend we have been in for the previous month.

To officially break this downtrend, so it is no longer valid, we need to break this last lower high and the resistance. Once this is broken we can confirm the short term trend is, in fact, bullish as we look to go higher. What we may then see is a pullback from either this first resistance level of 0.6790. Or we may continue higher to 0.6825, before making a retracement and a new higher low, before we then make another leg higher towards the 0.6900 region. 

Non Farm Payroll data is due tomorrow, so be careful entering and managing trades as we lead up to this. 

 


Comments

  • NZD/USD: Price Action Is Looking Bullish
    Louis says:
    05/07/2018

    Amazing analysis

Leave a Comment