Bearish Scenario: Sales below 5220... Bullish Scenario: Buys above 5225 (if price fails to break below decisively) ...
NZD/USD: entering the six-year resistance zone
2021-02-19 • Updated
NZD/USD is in a historically spectacular episode. Currently, it trades above 0.7260. In doing so, it’s testing the last highs of February. Also, it’s in the highest zone since January. Above, it has the resistance zone of 0.7270 – 0.7300.
Therefore, we have two conclusions:
- The resistance zone 0.7270 – 0.7300 may send NZD/USD into a bearish reversal similar to how it did in December-January.
- If NZD/USD crosses that zone, it will be aiming at 0.75 – the high of 2017 and the six-year high at the same time.
- On the weekly chart, the bullish rally to 0.73 has been notably aggressive. Therefore, corrections to 0.70 or 0.68 should not be discarded as possible scenarios.
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Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...