NZDUSD 1hour Analysis December 3rd, 2020
Price has been consolidating in a box pattern for the past two days. NU has been in a strong bullish channel for a few weeks but is getting close to key supply zones on the higher time frames.
Trade Scenario 1: Long - We want to see price break and retest the 0.7077 handle. We will look to enter on any bullish momentum/variation. Look to first target the top of the channel of .712
Trade Scenario 2: Short - We need to see price break below 0.705 with conviction. Then look for a retest of this level to flip as resistance. This is a counter trend trade and there is strong support at 0.701 so risk management will be key and make sure your R:R is in place.
Trade Scenario 1: Long - We want to see price break and retest the 0.7077 handle. We will look to enter on any bullish momentum/variation. Look to first target the top of the channel of .712
Trade Scenario 2: Short - We need to see price break below 0.705 with conviction. Then look for a retest of this level to flip as resistance. This is a counter trend trade and there is strong support at 0.701 so risk management will be key and make sure your R:R is in place.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.