Forex Analysis – NZDUSD 1D Channel Break ?
NZDUSD has been very choppy the last year and a half but it has slowly ascended within a wide channel formation. The pair had a very strong bearish move after yesterdays interest rate hike but it is yet to approach the bottom support of the ascending channel. I am looking for a brake of the channel and if it’s broken I would go short at 0.69876. My first target would be the daily support somewhere around 0.68000 if the is broken then I expect further down movement
In Other View Point – A potential cypher formation.
NZDUSD A strong resistance laying below i am gonna try to buy it cheaper because there is a high probability that the price will test the resistance before bouncing up to hit our target. wait for extra confirmation RSI & STOCH oversold. MACD crossover & show exhausted bear movement. SL same level with the lowest structure level on the left.
In Another View Point – NZDUSD – BULLISH CYPHER SETUP – .7026
On the NZDUSD 4hr chart we have a potential long opportunity’s at the D leg completion of bullish Cypher setup. The price reversal zone on this pair is between .7026 and .6970 The PRZ zone is only a guideline of where we will be paying attention for trade setups and opportunity’s. Potential targets for the Cypher setup placed at the .382% and .618% retracement of the C to D move. There is also opportunity to look for extended targets back into .7200 Stop loss would be placed below X leg structure support. Tpt 1 – .7107 Tp 2 – .7158