NZDUSD Broke above the 1D MA50. Trading plan ahead.

2 nov 2022

The NZDUSD pair has been trading within a long-term Bearish Megaphone pattern since the April 05 High. Yesterday it broke (but didn't close) above the 1D MA50 (blue trend-line) for the first time since August 18. Today it is (so far) trading entirely above the 1D MA50. If it closes above it as well, we expect it to extend the rise to the 1D MA100 (green trend-line) where it formed its last Lower High (August 12) at the top of the Bearish Megaphone.

If rejected there or close below the 1D MA50, we will sell and target 0.55700 (top of the October Support Zone). A break above the top of the Bearish Megaphone, would constitute a bullish shift long-term with a first target the 1D MA200 (orange trend-line).




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