NZDUSD ANALYSIS WEEK OF JULY 24, 2016
Weekly:
Price is in a nice uptrend. Price is in a pullback phase.
Daily:
Price has reached a major support at 0.70000. There were multiple rejections of price. Seeing this seems like price is in a good buying area especially looking at the last two closing candles.
4 Hour:
I see a potential Head and Shoulders pattern for its continuation down to the trendline support. A good area to look at to long would be between 0.69500 - 0.70000.
If eager to short the potential right shoulder formation I would look between the price area of 0.72000 - 0.725000. Safest route would be to short at the break of neckline. If price breaks through the neckline a good TP would be around 0.66500 which is also the next buying opportunity for the long term approach.
Wishing everyone a good trading week!
Price is in a nice uptrend. Price is in a pullback phase.
Daily:
Price has reached a major support at 0.70000. There were multiple rejections of price. Seeing this seems like price is in a good buying area especially looking at the last two closing candles.
4 Hour:
I see a potential Head and Shoulders pattern for its continuation down to the trendline support. A good area to look at to long would be between 0.69500 - 0.70000.
If eager to short the potential right shoulder formation I would look between the price area of 0.72000 - 0.725000. Safest route would be to short at the break of neckline. If price breaks through the neckline a good TP would be around 0.66500 which is also the next buying opportunity for the long term approach.
Wishing everyone a good trading week!