NZDUSD, H4 | A Symmetrical triangle chart pattern ?
June 27, 2023 5:23 am
The NZD/USD chart currently shows a neutral momentum, implying a lack of clear market direction. The price is expected to fluctuate between the 1st resistance level at 0.6206 and the 1st support level at 0.6114. The 0.6114 support level is significant as it acts as an important overlap support, providing potential strength to the support zone. Additionally, the presence of an intermediate support level at 0.6159 further reinforces its importance.
On the upside, the 0.6206 resistance level represents a multi-swing high resistance, potentially impeding upward price movement. Furthermore, the 0.6237 resistance level acts as another overlap resistance, adding to its significance.
It is worth noting the presence of a symmetrical triangle chart pattern, indicating a period of consolidation. Breakouts above the upper trendline could suggest a bullish breakout, while breakouts below the lower trendline may indicate a bearish breakdown
The material has been provided by InstaForex Company – www.instaforex.com
The NZD/USD chart currently shows a neutral momentum, implying a lack of clear market direction. The price is expected to fluctuate between the 1st resistance level at 0.6206 and the 1st support level at 0.6114. The 0.6114 support level is significant as it acts as an important overlap support, providing potential strength to the support zone. Additionally, the presence of an intermediate support level at 0.6159 further reinforces its importance.
On the upside, the 0.6206 resistance level represents a multi-swing high resistance, potentially impeding upward price movement. Furthermore, the 0.6237 resistance level acts as another overlap resistance, adding to its significance.
It is worth noting the presence of a symmetrical triangle chart pattern, indicating a period of consolidation. Breakouts above the upper trendline could suggest a bullish breakout, while breakouts below the lower trendline may indicate a bearish breakdown
The material has been provided by InstaForex Company – www.instaforex.com
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