Previous Week Update:
Upcoming NZD News:
Monthly: We have a bullish engulfing forming after being rejected of the double top neckline. Right now we are testing the broken trendline, however, with the bullish engulfing with momentum and the USD weakening we are likely to test the highs again.
Weekly: Price around 0.71500 which would be its next resistance if you look left. However, with the momentum I am confident that we can reach 0.73500 this coming week.
Daily: We breached 0.70500 the end of last week and have retested the broken ascending triangle resistance, and now approaching 0.71500. Lots of momentum and room to 0.73200
H4: Broke the ascending triangle from the previous week, formed a bullish flag and broke it upwards and retested it and continued higher. Looking to 0.73200 as first target.
NZDUSD Overall Analysis
- With NZDUSD it is stupid simple forex for me. NZD has no news coming up and data has been strong. USD data has been weak. What does this mean? 1+1=2. NZD (strong) + USD (weak) = NZDUSD up up up. Get it?
- But I am looking for a sort of pullback and my entries I will be looking for is shown below, any bear movement exhaustions I’m buying like a madman.
- Wish I held my 0.68500 entries, I saw this coming but lost confidence. Still more to learn.
- As stated above, this is where I will look for exhaustion to long to go to my first target.
- Not going to say anything else, because I am confident all I will see is bulls bulls bulls. If there are bears Ill be very very surprised.