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🟢Forex Pair:
NZD/USD
⚪Technical Analysis:
Since the end of December 2020, the price has been moving following an interesting symmetrical tringle pattern, bouncing many times on its dynamic pattern's lines.
A couple of days ago, on the 8th of February 2021, the price broke through its dynamic resistance level with a clear upbar, reaching and re-testing the S/R zone at about 0.72500.
It is currently moving close to its dynamic trendline and the next price action around that level will be essential to understand the next market movement.
🔴Conclusion:
In my previous analysis I was confident to see a short scenario, but the price broke its dynamic resistance line instead of its support, so my previous trade is not valid anymore.
The price seems is going to get a pullback on the current level but I'll be waiting for the breakout of the resistance zone at 0.72500 before planning my long position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
NZD/USD
⚪Technical Analysis:
Since the end of December 2020, the price has been moving following an interesting symmetrical tringle pattern, bouncing many times on its dynamic pattern's lines.
A couple of days ago, on the 8th of February 2021, the price broke through its dynamic resistance level with a clear upbar, reaching and re-testing the S/R zone at about 0.72500.
It is currently moving close to its dynamic trendline and the next price action around that level will be essential to understand the next market movement.
🔴Conclusion:
In my previous analysis I was confident to see a short scenario, but the price broke its dynamic resistance line instead of its support, so my previous trade is not valid anymore.
The price seems is going to get a pullback on the current level but I'll be waiting for the breakout of the resistance zone at 0.72500 before planning my long position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
