FX.co ★ NZDUSD Potential for Bullish Rise | 11th January 2023

Looking at the H4 chart, my overall bias for NZDUSD is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. If this bullish momentum continues, expect price to possibly continue heading towards the 1st resistance at 0.64094, where the 61.8% Fibonacci line is. In an alternate scenario, price could possibly head back down to retest the 1st support at 0.63551, where the 23.6% Fibonacci line is

Trading Recommendation

Entry: 0.64200

Reason for Entry: Buy stop entry slightly above where the 1st resistance line is to catch the bullish momentum

Take Profit: 0.65136

Reason for Take Profit:

2nd resistance line and liquidity hotspot area

Stop Loss: 0.63424

Reason for Stop Loss:

Recent swing low