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07.05.202109:44 Ανάλυση και κριτικές Forex: NZDUSD facing bullish pressure, potential for further upside!

Exchange Rates 07.05.2021 analysis

Price is facing bullish pressure as it continues to hold above both the ascending trendline and moving average support, in line with our bullish bias. We could potentially see price bounce at 1st support, in line with our 38.2% Fibonacci retracement, 61.8% Fibonacci extension and horizontal pullback support, and a further rise to 1st resistance, in line with 127.2% Fibonacci extension and horizontal swing high resistance.

Trading Recommendation

Entry: 0.72203

Reason for Entry:

38.2% Fibonacci retracement, 61.8% Fibonacci extension and horizontal pullback support

Take Profit: 0.72867

Reason for Take Profit:

127.2% Fibonacci extension and horizontal swing high resistance

Stop Loss: 0.71916

Reason for Stop Loss:

161.8% Fibonacci extension and horizontal swing low support

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

Dean Leo,
Analytical expert
InstaForex Group © 2007-2021
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