This is my view on NZDUSD for the upcoming weeks. it is possible for it to continue selling off however my thoughts are that it will reverse and continue higher for the continuation of this month.
NZDUSD just hit a 4hr order block before the week ended, there is two possible outcome that i have seen from the charts and i will share. 1. The pair could possibly rise to retest the trendline it recently broke out from and also retest the downward trendline which it fails to break above from, this means price will hit the 2Hr order block before pushing further...
USDCAD just broke from a 4Hr order block and is still rallying up. If it can break beyond the R3 line it will most likely hit push higher (to the resistance line drawn) before falling to retest the R3 or the previously broken 4Hr order block. This is currently inline with the DXY which is about to break above a 4Hr order block after which will more so retest...
As seen in the analysis price could continue the push up until it reaches the previous high and forms a double top on the 4H timeframe after which wait for sell confirmations at the 1.218 levels. However it is to note that price could reverse at this level and continue in a down trend to complete the H&S on the daily timeframe. if any buy confirmations at 1.218...
though trendlines are subjective NU just approached the trendline which it has failed to break and is showing sentiments of bearish pressure. if the next candle closes red then its down from there. if it retest the zone and breaks then its only up. will update idea in the next hour. this is my short entry plan and the above is my long entry plan if the short fails
I moved some of the original points after the market had made its move to the upside, also added in a trendline for better analysis as well as some zones. GU has pushed to my original analysis mark on my page and has set for the short. target area is 0.389
If NU can break here its possibly to push to 0.72 and if that breaks possibility of further push down.
GU is currently at a support zone where it is failing to hold below the zone. if price breaks and continues down this will be null and void as it could for a head and shoulder pattern. However if price pushes little lower and then reverse it sill push above the previous Resistance zone look for the 3 drive pattern.
EU has just now hit the zone of the left shoulder and hasn't broken below. if eu fails to break below it could push up to the neckline.
GBPUSD is currently in a upward linear regression. It recently broke below and broke back in (fake out) and then continued a strong rally to the upside back into the ranging zone where it is now at the 4hr resistance level. Patiently wait for price to either break and retest above the level before entering any buys or reject the zone for before any sells....
EUR/USD is currently at a 30min / 1hr high and is rejecting the level. If it fails to break above the zone it will set for a sell to the next zone where it will possibly rise until trendline (on 4hr chart) wait for confirmation on the 1hr chart for a sell if not wait until it break above for a buy. Will continue to update as the market opens
NZDUSD is currently at a minor zone (Blue) which it has broken and is testing. Possible to take trade for short long move however wait until it reaches the black zone to decide if will continue up or reverse. Will update Sunday when market opens