NZDUSD 30min Analysis February 11th, 2021
Price is forming a nice bullish channel but is at our supply zone of .7240.
Trade Scenario 1: Bullish - For us to go long we need to see price break out of our channel and above our supply zone with conviction. We will then wait for a retrace and for .7240 zone to flip as support. Look to enter on strong bullish setups off this zone.
Trade Scenario 2: Bearish - For us to go short we are looking for price to reject off our supply zone once again. We will look to enter on strong bearish setups off this zone and the top the resistance trendline. First targeting previous lows of .7205.
Trade Scenario 1: Bullish - For us to go long we need to see price break out of our channel and above our supply zone with conviction. We will then wait for a retrace and for .7240 zone to flip as support. Look to enter on strong bullish setups off this zone.
Trade Scenario 2: Bearish - For us to go short we are looking for price to reject off our supply zone once again. We will look to enter on strong bearish setups off this zone and the top the resistance trendline. First targeting previous lows of .7205.
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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.