NZDUSD BULLISH ENGULFING PATTERN

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NZDUSD bullish continuation.


Price action on NZDUSD has been wonderful lately, price has been creating a bullish trend from a support level at 0.70620 but gave a low price move at 0.70592. From the support, price action created a bullish engulfing pattern from 0.70617 after the retest. Bullish swing highs created after failing to break it's previous higher lows at 0.70823 and 0.70974.


My forecast on this pair.


If price action fails to break it's previous low at 0.70974 and breaks a minor resistance price action at 0.71200, A bullish trend is created.

Minor resistance price action for short term trades

0.71294
0.71347
0.71423
0.71491
0.71619
0.71642
0.71778.

Major resistance price action.

0.71802.


If you want to take a long position on the pair NZDUSD. You can open your trade positions around 0.71200 and ride along to 0.71802. This may take weeks.


For short term.

Look to open around 0.71200 and follow the minor resistance price action.



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