NZDUSD is retesting a previously broken 200% extension line of the Monthly uptrend channel
The Monthly NZDUSD chart shows that the pair is retesting 200% of the monthly Andrew’s Pitchfork uptrend channel dating back from 2001. This retest of 0.7300 line is being rejected for now but we have a swing range between 0.6900 and 0.7300 continuation and we do not have a confirmation of downside extension.
On a Weekly chart, we can see a new downtrend Pitchfork channel formed and for the upside continuation we need to see a break above the rising wedge resistance and channel uptrend resistance 0.7300. A break below the 0.6900 would lead to a channel half Median line test of 06700. You can try the long trade entry with the stop loss below 0.6880. If the trade will be stopped reverse to short.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts. To learn more about Andrews’s Pitchfork tool trading strategy register for education.
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