NZDUSD Descending Channel
Updated
Observation
- Price Action bounce on shortage zone @ 0.68941
Analysis
- Price Action returns to descending channel but Market Sentiment @ 0.70481 will push price down again to shortage zone
- Price Action bounce on shortage zone @ 0.68941
Analysis
- Price Action returns to descending channel but Market Sentiment @ 0.70481 will push price down again to shortage zone
Note
Waiting for the price to respect the surplus zoneNote
High chance for price to bounce at 0.69335 as price enters support zone. This week might be consolidation stage.Note
Price respected the support level (blue box) and plays inside the downward channel.Price broke downward channel with an aggressive move upward by the bulls.
New support level is created at 0.70121
There is still a chance for price to reconcile and go back again in downtrend but need more confirmation about this.
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