Main Quotes Calendar Forum
flag

FX.co ★ NZDUSD Potential for Bullish Momentum | 16th November 2022

parent
Forex Analysis:::2022-11-16T10:48:53

NZDUSD Potential for Bullish Momentum | 16th November 2022

 NZDUSD Potential for Bullish Momentum | 16th 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 break the 1st resistance at 0.61565, which is in line with the previous swing high and 0% fibonacci line, before heading towards the 2nd resistance line at 0.62504, where the 78.6% Fibonacci line is. 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: 0.61565

Reason for Entry:

1st resistance line

Take Profit: 0.59998

Reason for Take Profit:1st support line and 61.8% Fibonacci projection line

Stop Loss: 0.62504Reason for Stop Loss:2nd resistance line and previous swing high

Analyst InstaForex
Share this article:
parent
loader...
all-was_read__icon
You have watched all the best publications
presently.
We are already looking for something interesting for you...
all-was_read__star
Recently published:
loader...
More recent publications...