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NZDUSD could be setting up for a long opportunity due to the daily close. What do we need to see in order to look for longs?

Watch the video to learn more…

Daily Chart

forex chart of the day nzdusd daily

Before we discuss the daily chart we wanted to identify the higher time frame trend. The monthly chart is showing a bullish trend with price forming higher highs and higher lows. Despite this month looking likely to finish bearish, the candlestick has formed a higher high and higher low which could show that the monthly trend is continuing. 

Looking at the weekly time frame the last 3 weeks trading range has been low showing us that the sellers may be losing momentum and that buyers could take over. 

The daily price action is also suggesting a reversal could be likely as the price formed a low ranging bullish candle at the previous lows. This could be a sign of a double bottom pattern forming which is a bullish reversal pattern.

If the price breaks the daily candle high we could see some buyers entering the market. 

Trading Chart

forex chart of the day nzdusd 4hr

The 4hr time frame will be key in identifying the mid term trend, if the price breaks the daily highs and forms two closes above we can look for short term trending opportunities.

If the price retests the breakout highs and forms bullish price action we can look for the bullish trend to continue.

If you haven’t seen our week ahead analysis video you can watch it here.

Enjoy low spreads and quick trade executions with a live account. Our highly committed customer support team will assist you from your quick account setup to any future concerns. Start trading with Blueberry Markets today.

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