FX.co ★ NZDUSD Potential for Bullish Momentum | 14th November 2022

On the H4 chart, the price is moving above the Ichimoku cloud and has broken out of the ascending channel. If this bullish momentum continues, the price may head towards the 1st resistance at 0.61565, which is in line with the previous swing high and 0% fibonacci line. Alternatively, the price may head back towards the 1st support at 0.59998, where the 61.8% Fibonacci projection line is located.

Trading Recommendation

Entry: 0.59998

Reason for Entry:

Previous swing high and 61.8% fibonacci projection

Take Profit: 0.61565

Reason for Take Profit:Previous swing high

Stop Loss: 0.58599

Reason for Stop Loss:61.8% fibonacci retracement.