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Sarfraz
NZD/USD Analysis
This pair is starting to look more technically interesting. We have new lower resistance, and a short-term triangle pattern emerging as the support level at 0.7216 holds firm. I do not have much faith in 0.7262 as resistance, I think the two support levels below look much stronger and are significantly more likely to produce good bullish reversals, so I maintain a slight bullish bias for the time being.
This pair is starting to look more technically interesting. We have new lower resistance, and a short-term triangle pattern emerging as the support level at 0.7216 holds firm. I do not have much faith in 0.7262 as resistance, I think the two support levels below look much stronger and are significantly more likely to produce good bullish reversals, so I maintain a slight bullish bias for the time being.
· 2
Sarfraz
As I said on Thursday's analysis, Gbp broke out above 1.3016, retraced back to it, just once before continuing long. I went long after the engulfing candle following this breakout and is still holding onto this position. My expectations is that the price should rise even higher towards the resistance line 1.3151. If this resistance is broken, then the price could rise towards 1.3275. According to the 4 hours chart above, long positions still remains more ideal and can safely be recommended towards 1.3151 sell positions can be recommended in case the price is rejected from 1.3151.
Technical levels:
Resistance levels
R3:1.32161
R2:1.31663
R1:1.31321
Pivot
1.30823
Support Levels
S1:1.30481
S2:1.29983
S3:1.29641
Trade Signal
Long towards 1.3151
Technical levels:
Resistance levels
R3:1.32161
R2:1.31663
R1:1.31321
Pivot
1.30823
Support Levels
S1:1.30481
S2:1.29983
S3:1.29641
Trade Signal
Long towards 1.3151
· 2