NZDUSD meeting resistance
Updated
Oversold on the 4hr.
Zones between 0.656 and 0.657 have overlap of 200ema, horizontal & fib resistance. Also within the upper range of the channel.
Note that nzd is fundamentally weak with ongoing trade war, so i expect it to go down 1 more wave and test the bottom channel & historic lows of 0.64, before making a short term reversal out of the channel.
I have placed my sell order at 0.6562. As the channel drawn can differ across charts, do expect a false breakout.
Zones between 0.656 and 0.657 have overlap of 200ema, horizontal & fib resistance. Also within the upper range of the channel.
Note that nzd is fundamentally weak with ongoing trade war, so i expect it to go down 1 more wave and test the bottom channel & historic lows of 0.64, before making a short term reversal out of the channel.
I have placed my sell order at 0.6562. As the channel drawn can differ across charts, do expect a false breakout.
Note
Damn, the 0.618 level is hit instead. Looks like i have to widen my upper channel's line. I'm still convinced that nzdusd is going to trade within the channel though
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