Descriptive breakdown of what I am looking on NZDUSD for this upcoming week. Price has previously following a downtrend making lower lows & highs. Price has formed an inverse head on shoulders formation, & the neckline has been broken which aligns with resistance structure of the previous downtrend. Price now is steadily forming a series of higher highs & lows on the lower timeframe (H4-H2). Now that price has broken above this key level zone, price has retested broken resistance as new support & has reacted twice off this daily key level of support. Next week, I am anticipating for price to make one last retest of the support zone for a 3rd rejection / retest, to active buying positions & my upside target will align with the descending trend line & powerful resistance zone.
Hope you enjoyed my breakdown feel free to drop a thumbs up if you agree or comment if you would like to discuss! Lets have a great trading week & stay ahead of the game :)
Hope you enjoyed my breakdown feel free to drop a thumbs up if you agree or comment if you would like to discuss! Lets have a great trading week & stay ahead of the game :)
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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.