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Forex Analysis & Reviews: NZDUSD Potential for Bullish Momentum | 18th November 2022
time 18.11.2022 03:04 PM
time Relevance up to, 19.11.2022 03:04 PM

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On the H4 chart, the price is moving above the Ichimoku cloud and has broken out of the ascending channel. If this bullish momentum continues, the price may break the 1st resistance at 0.61632, which is in line with the previous swing high and 0% fibonacci line, before heading towards the 2nd resistance line at 0.62504, where the 78.6% Fibonacci line is. Alternatively, the price may head back towards the 1st support at 0.59998, where the 61.8% Fibonacci projection line is located.

Trading Recommendation

Entry: 0.61565

Reason for Entry:

1st resistance line

Take Profit: 0.59998

Reason for Take Profit:1st support line and 61.8% Fibonacci projection line

Stop Loss: 0.62504

Reason for Stop Loss:

2nd resistance line and previous swing high

Dean Leo,
Analytical expert of InstaForex
© 2007-2023
NZDUSD
New Zealand Dollar vs US Dollar
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