In yesterday's analysis, I expected NU to violate the trendline with upwards continuation towards 0.7278 resistance level, however, price again failed the 0.7237 minor resistance zone. As the trendline was breached, I will lean towards short-term bullish sentiment but still remain neutral bias overall. Current price action is slightly choppy which doesn't provide any clear directional bias. There are two setups that I am looking at
1. Re-test of the trendline with 0.7240 as the initial target, 0.7278 level is the secondary target
2. Slow & grinding sort of rotation back towards 0.7171 support zone showing us weakness, which might lead to downwards breakout with 0.7094 support zone as the target
However, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. Re-test of the trendline with 0.7240 as the initial target, 0.7278 level is the secondary target
2. Slow & grinding sort of rotation back towards 0.7171 support zone showing us weakness, which might lead to downwards breakout with 0.7094 support zone as the target
However, do not forget the overall trend on the higher timeframe remains bullish.
Trade safe.
Do follow my profile for daily fx forecast & educational content.
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