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20.01.2022 10:32 AM
NZDUSD Bullish Momentum | 20th Jan 2022

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On the H4 timeframe, prices are consolidating in an ascending channel and on bullish momentum. We see the potential for further bullish continuation from our 1st support at 0.67823 which is a graphical overlap towards our 1st resistance at 0.68367 in line with 61.8% Fibonacci extension. RSI is at levels where bounces occurred previously, further supporting our bullish bias. Alternatively, our stop loss will be placed at 0.67554 in line with 78.6% Fibonacci extension.

Trading Recommendation

Entry: 0.67823

Reason for Entry:

Graphical overlap

Take Profit: 0.68367

Reason for Take Profit:61.8% Fibonacci extensionStop Loss: 0.67554

Reason for Stop Loss:

78.6% Fibonacci extension

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
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