FX.co ★ NZDUSD Potential For Bullish Continuation | 28th July 2022

On the H4, with price breaking the descending trend channel, RSI showing an ascending trendline and moving above the ichimoku cloud, we have a bullish bias that price will rise from the 1st support at 0.62073 at the overlap support. If price breaks the intermediary resistance at 0.62708 at the swing high in line with the 61.8% fibonacci retracement and 100% fibonacci projection, we will have upside confirmation that price will rise to the 1st resistance at 0.63269 at the swing high in line with the 78.6% fibonacci retracement. Alternatively, price may break the support structure at the 1st support and drop to the 2nd support at 0.61354 at the pullback support.

Trading Recommendation

Entry: 0.62073

Reason for Entry:

Overlap supportTake Profit: 0.63269

Reason for Take Profit:Swing high in line with the 78.6% fibonacci retracement Stop Loss: 0.61354

Reason for Stop Loss:

Pullback support