📈 NZD/USD – Bullish Channel Setup (1H Timeframe)
Price action is currently moving within a clearly defined ascending channel. After a period of consolidation, the pair has been making higher highs and higher lows, respecting the structure of this bullish channel.
🔹 Trend Bias: Bullish (short-term) 🔹 Support Zone: Lower boundary of the channel (around 0.6020) 🔹 Resistance Zone: Upper boundary of the channel (around 0.6060) 🔹 Current Price: 0.60288 – sitting right above the channel’s midline and testing support
🔍 Analysis:
Price is respecting the ascending trendline and forming minor pullbacks along the way.
The current candle is testing the lower boundary of the channel, which could act as a potential bounce zone if bullish pressure continues.
If price holds above this trendline support, we could see another leg toward the channel top near 0.6060.
However, a break and close below the channel support could open the door for a deeper pullback toward 0.6000 or even 0.5980.
📌 Watchlist Setup:
Buy scenario: Look for bullish confirmation around 0.6020 – bullish engulfing or strong rejection wicks.
Sell scenario: Wait for a clear break and retest of the lower channel line for possible short entries.
🧠 Bias Caution: Always align this setup with your higher timeframe analysis (e.g., 4H or Daily) and watch for upcoming news events that could impact USD or NZD.
Price action is currently moving within a clearly defined ascending channel. After a period of consolidation, the pair has been making higher highs and higher lows, respecting the structure of this bullish channel.
🔹 Trend Bias: Bullish (short-term) 🔹 Support Zone: Lower boundary of the channel (around 0.6020) 🔹 Resistance Zone: Upper boundary of the channel (around 0.6060) 🔹 Current Price: 0.60288 – sitting right above the channel’s midline and testing support
🔍 Analysis:
Price is respecting the ascending trendline and forming minor pullbacks along the way.
The current candle is testing the lower boundary of the channel, which could act as a potential bounce zone if bullish pressure continues.
If price holds above this trendline support, we could see another leg toward the channel top near 0.6060.
However, a break and close below the channel support could open the door for a deeper pullback toward 0.6000 or even 0.5980.
📌 Watchlist Setup:
Buy scenario: Look for bullish confirmation around 0.6020 – bullish engulfing or strong rejection wicks.
Sell scenario: Wait for a clear break and retest of the lower channel line for possible short entries.
🧠 Bias Caution: Always align this setup with your higher timeframe analysis (e.g., 4H or Daily) and watch for upcoming news events that could impact USD or NZD.
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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.
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.