In yesterday's analysis, I discussed about the rejection of the trendline back towards 0.7167 support zone (previous swing low), which was exactly what the market performed. NU is currently in a range bound condition, pay attention to minor support & resistance zones. There are two scenarios that I am looking at
1. A violation of the trendline with a break & re-test setup, 0.7278 minor resistance zone will be the initial target
2. A breach of 0.7164 support zone would induce further selling pressure, with 0.7095 as the initial target
However, do not forget the overall trend on the higher timeframe remains bullish. Trade safe.
Do follow my profile for daily fx forecast & educational content.
1. A violation of the trendline with a break & re-test setup, 0.7278 minor resistance zone will be the initial target
2. A breach of 0.7164 support zone would induce further selling pressure, with 0.7095 as the initial target
However, do not forget the overall trend on the higher timeframe remains bullish. Trade safe.
Do follow my profile for daily fx forecast & educational content.
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