NZD/USD Poised for Bullish Breakout: Key Levels to Watch

13 Mac

NZD/USD pair is currently forming a bullish breakout setup on the 4-hour timeframe. The price has been consolidating within a descending wedge pattern (marked by blue trendlines), which is a bullish reversal signal. Historically, similar wedge breakouts have led to significant upward movements, as seen in previous instances on this chart.

Breakout Confirmation & Entry:

The price has tested the descending resistance line multiple times and is now attempting to break above it.
A successful breakout and retest of this level could confirm a bullish continuation.
The entry zone aligns with the breakout area above the wedge pattern, providing a high-probability long setup.

Target Levels:

First Take Profit (TP1): 0.57705 - 0.57715 (Previous high & key resistance)
Second Take Profit (TP2): 0.58165 (Next major resistance level)
Final Take Profit (TP3): 0.59001 - 0.59003 (Strong supply zone & key resistance)

Risk Management:

Stop-loss placement: Below the recent swing low (~0.55965), as a breakdown below this level would invalidate the bullish setup.
The risk-to-reward ratio (RRR) appears favorable, with a well-structured green risk-reward box showing higher potential upside than downside.

17 Mac

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