• Oct 7, 2024
  • Trade ideas

NZDUSD: Expanding Channel

NZDUSD, H4

NZDUSDH4.png

In the H4 timeframe, the NZDUSD navigates within an expanding channel, facing support at 0.6130, which is aligned with the golden Fibonacci ratio.

The RSI and MFI oscillators leave the oversold zone, indicating a potential bullish correction.

  • If the price rebounds from 0.6130, it may rise to a 0.6220 and 38.2 Fibonacci ratio;
  • However, breaching below the golden Fibonacci ratio will trigger a decline to 0.5980 support.
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Trading foreign currencies on margin involves significant risks and may not be suitable for everyone, as high leverage can increase both potential gains and losses. Before entering the foreign exchange market, it is essential to evaluate your investment goals, personal experience, and risk tolerance.

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Author: Timur Yurdagyul