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09.05.202206:46 Forex Analysis & Reviews: NZDUSD Potential for Bullish Continuation | 9th May 2022

Exchange Rates 09.05.2022 analysis

On the H4, with price breaking the lower resistance of the Ichimoku cloud, we have a bullish bias that price will rise to our 1st resistance at 1.27247 where the swing high resistance and 50% Fibonacci retracement is from our 1st support at 1.25797 in line with the horizontal pullback support and 23.6% Fibonacci retracement. Alternatively, price may break 1st support structure and head for 2nd support at 1.24798 where the horizontal swing low support and 61.8% Fibonacci retracement is.Trading Recommendation

Entry: 1.27247

Reason for Entry:

Horizontal swing high resistance and 50% Fibonacci retracement

Take Profit:1.25797

Reason for Take Profit:Horizontal pullback support and 23.6% Fibonacci retracement

Stop Loss: 1.24798

Reason for Stop Loss:

Horizontal swing low support and 61.8% Fibonacci retracement

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert of InstaForex
© 2007-2022
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