Hi traders and potential traders of this universe. Today, I will be discussing on NZDUSD.
Trading View : NZDUSD Monthly Time Frame
On a monthly time frame we can see that this currency pairs is respecting the last support that existed in the month of September, 2022. We can see from this chart that when the pairs got to this support, it has started consolidation. My take on this monthly Time Frame is to wait for a confirmation. On this note, it is either the market continues, and break the support or reverse and respect the support. But, it is more likely to be the later.
Trading View: NZDUSD: Weekelyb Time frame
On a weekly Time frame, it is obvious that there is a correlation between the monthly time frame and the weekly time frame as we can see another clear observation that this support level was created in the last few years. In March 2020 and then visited in September 2022. Two years plus later. Bow we are having this same support level being tested again at 0.55238 region. My take remains with the monthly
Trading View NZDUSD: Daily Time Frame
Trading View NZDUSD: Daily Time Frame
On a daily Time frame we can see and obvious consolidation of this currency pairs. Since the previous trend according to the monthly time frame and the weekly time frame, we can conclude that we are still very much bearish but not top overlook the support that was previously respected on the monthly as well as the weekly time frame. Therefore, taking a trade at this very moment is risky because the market has not yet decided which direction that it is headed.