UPDATED NZDUSD Sell Levels: 0.8725, 0.8740 & 0.8840
Daily: We're near the top of the upward channel, 0.8725 is the level to watch.
Weekly: Two scenarios - upward channel or wedge. Difference between them is 100 pips, wedge puts us at 0.8740 and upward channel puts us at 0.8840, which is also 2011 high.
The 4th chart with the fib levels is just a filler, no real significance other than showing that price broke above 88.6% fib.
Short term, price is near exhaustion, especially since price is struggling to break 0.8700. So it wouldn't be out of the question to get a pullback/retrace. First target would be the lower trend line around mid 0.85XX. Below that, support levels are 0.850X, 0.844X, 0.840X and 0.838X.
Long term, price can still go up another 150 pips from here (possibly). However, long term target is down at 0.80/0.79, so the risk/reward is quite high depending on when you load your position.
Disclosure: I've already filled 50% of my short position with an average price of 0.8755.
Weekly: Two scenarios - upward channel or wedge. Difference between them is 100 pips, wedge puts us at 0.8740 and upward channel puts us at 0.8840, which is also 2011 high.
The 4th chart with the fib levels is just a filler, no real significance other than showing that price broke above 88.6% fib.
Short term, price is near exhaustion, especially since price is struggling to break 0.8700. So it wouldn't be out of the question to get a pullback/retrace. First target would be the lower trend line around mid 0.85XX. Below that, support levels are 0.850X, 0.844X, 0.840X and 0.838X.
Long term, price can still go up another 150 pips from here (possibly). However, long term target is down at 0.80/0.79, so the risk/reward is quite high depending on when you load your position.
Disclosure: I've already filled 50% of my short position with an average price of 0.8755.