NZDUSD Buy signal within the Channel Down confirmed
The NZDUSD pair hit our upside target (see chart below) on our last analysis more than a month ago and then started to pull-back:
That pull-back was the bearish leg of the long-term Channel Down, which has so far been the dominant pattern of 2023. Today is the 2nd straight green 1D candle since the price came close to the bottom of the Channel Down so the R/R is favorable in buying for the medium-term and targeting the top of the pattern at 0.62750.
The 1D RSI almost getting oversold is an additional buy signal, though last time it required a Double Bottom (March 09), which was a slightly Lower Low before the bottom was priced. But still the R/R is low on that trade. A closing below the Channel Down however would invalidate this trade and instead we will sell aggressively targeting Support 2 at 0.57415.
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That pull-back was the bearish leg of the long-term Channel Down, which has so far been the dominant pattern of 2023. Today is the 2nd straight green 1D candle since the price came close to the bottom of the Channel Down so the R/R is favorable in buying for the medium-term and targeting the top of the pattern at 0.62750.
The 1D RSI almost getting oversold is an additional buy signal, though last time it required a Double Bottom (March 09), which was a slightly Lower Low before the bottom was priced. But still the R/R is low on that trade. A closing below the Channel Down however would invalidate this trade and instead we will sell aggressively targeting Support 2 at 0.57415.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
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