NZD/USD has a strong upside barrier at 0.6180
NZD/USD broke out of the channel formation to the upside. The measured move target for an AB=CD formation is located at 0.6156. The ‘inside legs’ have three and five waves. This is common in corrective formations.
Looking out at the four-hour chart and we have bespoke resistance located at 0.6180 and 0.6181. When these levels collide, it offers more weight to the analysis.
The previous swing low from Friday the 12th of May is located at 0.6182. What was support, now becomes resistance.
The 61.8% pullback level from the 0.6305 - 0.5985 move is located at 0.6182.
Although the immediate bias is still mildly bullish, I am looking to this zone (0.6180-82) as a reversal barrier.
The first support level to the downside is 0.6109. However, the BC leg of the Gartley formation could extend 0.6010.
Looking out at the four-hour chart and we have bespoke resistance located at 0.6180 and 0.6181. When these levels collide, it offers more weight to the analysis.
The previous swing low from Friday the 12th of May is located at 0.6182. What was support, now becomes resistance.
The 61.8% pullback level from the 0.6305 - 0.5985 move is located at 0.6182.
Although the immediate bias is still mildly bullish, I am looking to this zone (0.6180-82) as a reversal barrier.
The first support level to the downside is 0.6109. However, the BC leg of the Gartley formation could extend 0.6010.
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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.