Fan Yang
1
All posts from Fan Yang
Fan Yang in Fan Yang,

NZD/USD is Showing Some Bullish Bias

NZD/USD has rallied from 0.6235 to 0.6896 since September. As we round out the month, we are seeing a bit of consolidation. The 4H chart shows a slightly falling channel. 

NZD/USD 4H Chart 10/31

(click to enlarge)

Now, another interpretation of the price action in the falling channel is a completed ABC correction. as price pushes against 0.68 there is bullish pressure. A break above 0.68 and the falling channel resistance a little above that should open up a bullish continuation scenario in the short-term. 

Also, if the market is turning bullish again, look for the support/resistance pivot at 0.67 to provide some support. This would further suggest the bullish scenario.