Will be watching this extremely closely.
Reasons for breakout:
a) we have a strong previous rejection at the 61.8% fibo level.
b) prices have retested that area last week and rebounded strongly.
c) MACD divergence in play
d) with the poor NZD news yesterday, i expect nzd to fall even more to retest recent lows near 0.63.
A breakout and close above the trendline will certify that the pair is ready for a break upwards.
Rmb to give a thumbs up and follow if you agree :D
Reasons for breakout:
a) we have a strong previous rejection at the 61.8% fibo level.
b) prices have retested that area last week and rebounded strongly.
c) MACD divergence in play
d) with the poor NZD news yesterday, i expect nzd to fall even more to retest recent lows near 0.63.
A breakout and close above the trendline will certify that the pair is ready for a break upwards.
Rmb to give a thumbs up and follow if you agree :D
