NZDUSD - Shortterm Long

NZD/USD has been moving along in descending Channel. Currently the price got rejected at lower trend line and corrective move in anticipated as price test upper trend line. Overall outlook remains Bearish but for Intraday Traders it is Long nonetheless.


Sardar Uddin

NZD/USD was in a strong and consistent downtrend during the recent Days that Sellers were successful in obtaining the lowest price of 0.74000. price with reaching to the important round level of 0.74000 has stopped from more descend( Sellers used this level to exit their trades) and with formation of a bottom price in daily time frame has prepared a field for ascending of price.

As it is obvious in the picture below, between the top price of 0.79735 and bottom price of 0.74000 there is AB=CD harmonic pattern with ratios of 78.6 and 161.8 that warns the potential of ascending from the D point of this pattern.

In Daily time frame Stoch indicator is in saturation sell area and with the next cycle confirms the bottom price of 0.74000.Right Now the first warning for ascending is breaking of the resistance level of 0.74819.

NZDUSD LONG

The secondary trend of NZD/USD is bullish on charts and price is trading above the trend line in its hourly chart. In hourly chart the price is sustaining above 200 day SMA and taking support of 50 day SMA indicating uptrend of the pair.
Resistance level of 0.6896 and Support level of 0.6760
If it breaks its resistance level on the upside and sustains above it then we can expect it to show further bullish movement in the pair.



INDICATORS:-
RSI is sustaining in its buying zone indicating the upcoming bullish trend in the pair.

STRATEGY: NZD/USD is looking bullish on charts for next few trading session. One can go for buy on lower level strategy for this pair for intra day to mid term positions in it.