1-Hour Chart Analysis; NZD/USD
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On the 1-hour chart, NZD/USD is showing short-term bullish momentum as it approaches the upper boundary of the descending channel. However, this movement is still within the larger bearish structure. Traders should watch for price action signals around the resistance levels to determine potential reversal points.
Trend: Bearish within larger timeframe structure
Key Levels:
Resistance: 0.6120
Support: 0.6060 (intermediate support level)
Trade Idea: Look for selling opportunities near resistance levels within the larger bearish structure
Entry Point: 0.6090
Stop Loss: 0.6120
Take Profit: 0.6020
Status: Active
Trade Type: Sell
Rationale: The price has recently tested the upper boundary of the descending channel and is showing signs of rejection. The overall bearish structure remains intact, suggesting further downside potential. The entry point is just below the resistance level, with a tight stop loss above the recent highs to manage risk. The take profit target is set near the lower boundary of the channel, aligning with the larger bearish trend.
On the 1-hour chart, NZD/USD is showing short-term bullish momentum as it approaches the upper boundary of the descending channel. However, this movement is still within the larger bearish structure. Traders should watch for price action signals around the resistance levels to determine potential reversal points.
Trend: Bearish within larger timeframe structure
Key Levels:
Resistance: 0.6120
Support: 0.6060 (intermediate support level)
Trade Idea: Look for selling opportunities near resistance levels within the larger bearish structure
Entry Point: 0.6090
Stop Loss: 0.6120
Take Profit: 0.6020
Status: Active
Trade Type: Sell
Rationale: The price has recently tested the upper boundary of the descending channel and is showing signs of rejection. The overall bearish structure remains intact, suggesting further downside potential. The entry point is just below the resistance level, with a tight stop loss above the recent highs to manage risk. The take profit target is set near the lower boundary of the channel, aligning with the larger bearish trend.
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