NZDUSD, Moving In Channel, Test Of Higher Boundary Remaining.
Hello, Traders Investors And Community, welcome to this meaningful analysis about the current price-action building in NZDUSD and the overall formation resulting out of it. There are some relevant signs which are indicating to me a minimum test of the higher boundary of the channel we are currently trading at the moment. Also what we need to know is that after such a consolidation period we usually get an intense breakout either to the up or downside. In the scenario, for NZDUSD there is a higher tendency for a break-out to the upside. We are looking at the locally 4-hour time-frame.
As you can see in my chart NZDUSD is trading in a bigger ascending-sideway-channel where the price is consolidating to the upside. Usually, such a channel is more bullish than bearish but a possibility of a breakdown to the downside still remains and needs to be watched if confirming. But currently, we have a higher likelihood that NZDUSD will confirm the support-cluster you can see in my chart when touched. This can be traded conservative or aggressive, the conservative approach will be smarter here.
Furthermore, we have the two major important EMAs coming together in the zone at 0.60538 as you can see marked in my chart with the grey trend-line. They are close to a bullish crossover but either we did not confirm above the channel I don't see it coming so soon. The next support building in this area is the logical support-line which is formed from the highs we had in the previous trend which makes this level a significant support-cluster which will be highly likely confirmed bullish when touched.
The importance is here that we confirm it as solid support with clear confirmation to the upside otherwise the price can still bounce at this level come back bounce again and finally moving below that level, therefore, it is important with which momentum we touch this zone, overall we can say that the channel will be confirmed and for now there is a higher degree of liability for a break to the upside but this can change when we get major bearish signs inside the channel which indicating supply and bears entering the market.
Thanks for watching, support for more market insight, and a good weekend, everybody! ;)
Enlightment is under our feet as well as over our heads.
In this manner: FAREWELL
Information provided is only educational and should not be used to take action in the markets.
As you can see in my chart NZDUSD is trading in a bigger ascending-sideway-channel where the price is consolidating to the upside. Usually, such a channel is more bullish than bearish but a possibility of a breakdown to the downside still remains and needs to be watched if confirming. But currently, we have a higher likelihood that NZDUSD will confirm the support-cluster you can see in my chart when touched. This can be traded conservative or aggressive, the conservative approach will be smarter here.
Furthermore, we have the two major important EMAs coming together in the zone at 0.60538 as you can see marked in my chart with the grey trend-line. They are close to a bullish crossover but either we did not confirm above the channel I don't see it coming so soon. The next support building in this area is the logical support-line which is formed from the highs we had in the previous trend which makes this level a significant support-cluster which will be highly likely confirmed bullish when touched.
The importance is here that we confirm it as solid support with clear confirmation to the upside otherwise the price can still bounce at this level come back bounce again and finally moving below that level, therefore, it is important with which momentum we touch this zone, overall we can say that the channel will be confirmed and for now there is a higher degree of liability for a break to the upside but this can change when we get major bearish signs inside the channel which indicating supply and bears entering the market.
Thanks for watching, support for more market insight, and a good weekend, everybody! ;)
Enlightment is under our feet as well as over our heads.
In this manner: FAREWELL
Information provided is only educational and should not be used to take action in the markets.
Note
ANALYSIS UPDATE: NZDUSD bounced in the supports, especially the lower boundary support from where it continued with a bullishness to breakout of the upper boundary and reach the final target zones.
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►✅JOIN THE BEST+ TOP TELEGRAM TRADING CHANNEL: t.me/VincePrinceForexGoldStocks
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
►🚀Write To Join the Elite VIP Signal Channels: @Vince_Prince
►🔥JOIN BYBIT TOP EXCHANGE►🎁 UP TO $30,000 BONUS NOW: partner.bybit.com/b/VinceByBit
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.