NZDUSD → Retest of support in an uptrend

7 thg 4, 2023

NZDUSD is testing the support of the ascending price channel. Globally the price is in sideways movement, but locally it can form a good entry point with the potential of +120pips. What to do?

The chart clearly shows an uptrend within the price channel. The price is testing the support, the buyers are quite confidently holding it back, but in the near future the price may test this line for a breakout.
Since the trend is uptrending and the price is in the support zone, I am considering a long scenario.

Strong support: lower boundary of the channel, 0.62100, 0.618
Strong resistance level: 0.626262 (consolidation above the level will form an entry point), 0.6326
I expect breakout of the level of 0.6262 with the further consolidation of bulls above the level and growth towards 0.64000

Sincerely R. Linda!