NZDUSD (H4) Collapsed breaking the ASCENDING CHANNEL for FX:NZDUSD by FXtrades-gp — TradingView


TECHNICAL ANALYSIS:
-Since the end of November the market started moving in a side trend, accumulating momentum enough to move up after a third bounce on the support zone at about 0.70111.

-The price wasn’t able to retest the same level, starting a new uptrend, following a “weak” ascending channel until the 18th of December.

-A strong momentum and a gap gave to the market strenght enough to break the support level , bouncing on the previous support zone .

CONCLUSION:

The price is actually moving with strong volatility and strong momentum, it collapsed so quickly, so I aspect a correction before to collapse one more time trying to reach an important weekly support zone at about 0.69280.

For position trades, I recommend to NOT open any short trades, I believe it’s only a correction phase before to carrying on with a bullish movement.

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Trade Safe,

Gianni



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