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FX.co ★ NZDUSD Potential For Bullish Continuation | 1st August 2022

NZDUSD Potential For Bullish Continuation | 1st August 2022

NZDUSD Potential For Bullish Continuation | 1st August 2022

On the H4, with price going along the ascending trendline, RSI showing an ascending trendline and moving above the ichimoku cloud, we have a bullish bias that price will rise from the buy entry at 0.63237 at the overlap resistance in line with the 78.6% fibonacci retracement to the take profit at 0.63963 at the swing high. Alternatively, price may reverse off the entry and drop to the stop loss at 0.61924 at the multiple swing lows and 50% fibonacci retracement. Take note the price of 0.62694 could be the intermediate support, which is in line with multiple swing highs.

Trading Recommendation

Entry: 0.63237

Reason for Entry:Overlap resistance

Take Profit: 0.63963

Reason for Take Profit:Swing high

Stop Loss: 0.61924

Reason for Stop Loss:

Multiple swing lows and 50% fibonacci retracement

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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