FX.co ★ NZDUSD Potential For Bullish Continuation | 29th 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 resistance at 0.63001 at the pullback swing high in line with the 78.6% fibonacci retracement to the 2nd resistance at 0.63943 at the swing high. Alternatively, price may reverse off the 1st resistance and drop to the 1st support at 0.61914 at the multiple swing lows.

Trading Recommendation

Entry: 0.63001

Reason for Entry:

Pullback swing high in line with the 78.6% fibonacci retracementTake Profit: 0.63943

Reason for Take Profit:Swing high Stop Loss: 0.61914

Reason for Stop Loss:

Multiple swing lows