Conclusion for today’s analysis: Resumption of a bullish trend in the NZDUSD is confirmed on a break above ~0.69660.
The 4 hour time frame is examined in today’s NZDUSD analysis with price action covering the past 9 months with emphasis placed on the current active trend lines in the NZDUSD. The overall trend from April 28 to current date is downwards as indicated by the bearish trend line.
The bullish price swing from ~0.64211 on October 5, 2018 did terminate at the second pivot used to draw the bearish trend line, where a head and shoulders top pattern did confirm.
0.65852 and 0.65221 represent support level below the current bullish trend line on the chart and therefore should present the opportunity to go long (buy) on a break below the trend line.
The most conservative long (buy) position would seek to enter orders on a break above the bearish trend line and price closing above ~0.69660. Price action closing below 0.65221 decreases the chances of continuation of the current bullish momentum from the price low made on October 5, 2018.
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