NZDUSD change of trend! Let's take a plane to Bahamas!In my previous analysis on this pair I mentioned of it falling into the level it is now. I marked this level to be a level of interest for a few reasons.
1. It acted as strong support level in the past (going back to October 2018) looking at my black horizontal line.
2. Around 2019 and 2020 we see price reacting on this level several times. It had been a battle field for bulls and bears, a fight for dominance.
3. Price had been in a downtrend since February 2021, falling from its February 2021 high, and price was moving in an descending channel.
4. Price has now reached the support of this falling channel which also intersect with our black horizontal line (at confluence).
From here I expect bulls to take over the battle and a rise from here would last at least until price reaches the resistance of the falling channel.
Looking for best buy entry?
On a 1 hour timeframe as shown on the chart below, price broke above the minor downtrend trendline. This means there's already a high chance that price will push up which will eventually lead to an acceleration in bullish momentum.
Like if you find this idea helpful.
Comment below if you have something to add.
All the best!
