NZD/USD is on the watchlist for both a bullish and bearish prospect, depending on daily and weekly support. A break of weekly support opens risk for a significant pullback. NZD/USD is trading on the backfoot due to dollar weakness and volatility on Wallstreet. However, the pair could be in for an extension to the upside so long as the current support holds the initial tests. The following is a top-down analysis which illustrates that a break of daily support, then the monthly 38.2% Fibonacci retracement level will be in focus which will match the COT data’s reduction in long positioning. Monthly chart The extended run of the bullish trend could be due to a correction to the 38.2% Fibonacci level and is worth keeping on the watch list. Weekly chart However, the weekly chart shows a strong level of support. Daily chart Similarly, if the support holds, then the extended W-formation could prove to show strong support at the prior resistance looking left and be the catalyst for the next upside extension. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/USD: Risk off triggers pullback to sub-0.7700 area, covid woes in focus FX Street 11 months NZD/USD is on the watchlist for both a bullish and bearish prospect, depending on daily and weekly support. A break of weekly support opens risk for a significant pullback. NZD/USD is trading on the backfoot due to dollar weakness and volatility on Wallstreet. However, the pair could be in for an extension to the upside so long as the current support holds the initial tests. The following is a top-down analysis which illustrates that a break of daily support, then the monthly 38.2% Fibonacci retracement level will be in focus which will match the COT data's reduction in long positioning. Monthly… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
