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NzdUsd: Break or Bounce?


Weekly Timeframe:


Daily Timeframe:


 

Weekly time frame: Reading price action we can see how we managed to break above .65000 key psych as previous resistance and test as new support. Though last weeks candlestick closure snapped us back down to ..65000 key psych to create a potential inverted head and shoulders formation.


Daily time frame: Price testing strong areas of monthly support. After the inverted head and shoulders notice the strong impulse to break above resistance and a flag retracement.


If price manages to reject and stay above this zone we can look for long term being opportunities to .66000 and then .68000 key psychological zones. Though if price manages to break and close below .65000 anticipate shorts to .64000 and then .62000 key psych.


Would like to see higher time frame rejection followed by lower time frame candlestick reversal formations to confirm what this market would like to do next.


 

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