NZD/USD has a strong upside barrier at 0.6180
NZD/USD broke out of the channel formation to the upside. The measured move target for an AB=CD formation is located at 0.6156. The ‘inside legs’ have three and five waves. This is common in corrective formations.
Looking out at the four-hour chart and we have bespoke resistance located at 0.6180 and 0.6181. When these levels collide, it offers more weight to the analysis.
The previous swing low from Friday the 12th of May is located at 0.6182. What was support, now becomes resistance.
The 61.8% pullback level from the 0.6305 - 0.5985 move is located at 0.6182.
Although the immediate bias is still mildly bullish, I am looking to this zone (0.6180-82) as a reversal barrier.
The first support level to the downside is 0.6109. However, the BC leg of the Gartley formation could extend 0.6010.
Looking out at the four-hour chart and we have bespoke resistance located at 0.6180 and 0.6181. When these levels collide, it offers more weight to the analysis.
The previous swing low from Friday the 12th of May is located at 0.6182. What was support, now becomes resistance.
The 61.8% pullback level from the 0.6305 - 0.5985 move is located at 0.6182.
Although the immediate bias is still mildly bullish, I am looking to this zone (0.6180-82) as a reversal barrier.
The first support level to the downside is 0.6109. However, the BC leg of the Gartley formation could extend 0.6010.
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.