short term buy for NZDUSD
מעודכן
There is some support at 0.640 so it might rebound a bit. Will it go higher or trend lower ?
It is pretty hard to forecast at this moment in view of the global doom on the coronavirus.
There are many levels of support that this pair can revisit in the coming weeks. Please note that it is still bearish on the weekly and daily so unless the latter is broken out, any up move is temporary. Please make sure you have a clear strategy to do such counter-trend trade else if you want to buy , wait some more.
It is pretty hard to forecast at this moment in view of the global doom on the coronavirus.
There are many levels of support that this pair can revisit in the coming weeks. Please note that it is still bearish on the weekly and daily so unless the latter is broken out, any up move is temporary. Please make sure you have a clear strategy to do such counter-trend trade else if you want to buy , wait some more.
הערה
It went slightly below the first support level at 0.64 before shooting off a nice bullish engulfing candle. Nice. Those who keen to initiate a long position can goto the 1H chart and identify a bull flag, pennant for entry.
הערה
If you draw a trend line touching the high of 0.675 on 31 Dec to current low of 0.63324, then you would discover the price has not break out of the bearish trend at all. Now, that it has revisited the 3rd support line, we want to see if it will rebound from here or break out even.הערה
I will update with a new chart soon since all 3 levels of support are broken down.
כתב ויתור
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