The EUR/NZD has formed a falling wedge in confluence of a bullish divergence. Bullish divergence happens when price makes a lower low while the oscillator makes a higher low.
POC zone is 1.6693-1.6703 [D L4, W L4, 3/8]. Should we see a bullish rejection from this zone, targets will be 1.6785 [D H3, 6/8] and 0.6465 [D L4, 4/8], eventually reaching 1.6815 [D H4, 7/8, ATR Projection High, Previous Order Block]
Continuation of the bullish move happens we see a decisive close above 1.6815 ATR P High. Sentiment would then be bullish and we’ll see price going towards 1.6957 W L4 level as an extended target.
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Davin Wu aka AmbitionFX
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