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R.Linda Trading - forecast

NZDUSD → Retest of support in an uptrend

2023-04-07 07:45 FOREX forecast

NZDUSD is testing the support of the ascending price channel . Globally the price is in sideways movement, but locally it can form a good entry point with the potential of +120pips. What to do?

The chart clearly shows an uptrend within the price channel . The price is testing the support, the buyers are quite confidently holding it back, but in the near future the price may test this line for a breakout.

Since the trend is uptrending and the price is in the support zone , I am considering a long scenario.

Strong support: lower boundary of the channel, 0.62100, 0.618

Strong resistance level: 0.626262 (consolidation above the level will form an entry point), 0.6326

I expect breakout of the level of 0.6262 with the further consolidation of bulls above the level and growth towards 0.64000

R. Linda

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