In this video, I will be providing a technical analysis of the NZDUSD pair for the 22nd of May 2023. The current market price is 0.6282. I will be discussing two scenarios:
In the first scenario, we discuss the possibility of the market declining to the Trend Line Support area. If the 4-hour candle closes above this Trend Line support level, it could present a potential buying opportunity. We provide insights on entering the trade, setting take profit at 0.6360, and placing a stop loss of 35 pips..
In the second scenario, we analyze the market’s potential to rise to the resistance area at 0.6307. If the 4-hour timeframe candle closes below this resistance level, it might indicate a chance to take a short position. We elaborate on the entry strategy, suggest setting the take profit target to the Trend Line Support area, and recommend placing a stop loss at 0.6342.
Disclaimer
The information provided in this video is for educational purposes only and should not be construed as financial advice. You should always consult a financial advisor before making any investment decisions..
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