NZDUSD Potential for Bullish Continuation | 2nd August 2022

2 Agu 2022On the H4, with price going along the ascending trendline, RSI showing an ascending trendline and moving above the ichimoku cloud , we have a bullish bias that price will rise from the buy entry at 0.63447 where 61.8% fibonacci projection is to the take profit at 0.64648 where the 78.6% fibonacci retracement is. Alternatively, price may reverse off the buy entry and drop to the stop loss at 0.61924 at the multiple swing lows and 50% fibonacci retracement . Take note the price of 0.62694 could be the intermediate support, as the price is testing this area.

Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary, and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interest arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed on the website.