The
breakout-pullback pattern is a chart pattern where the price breaks a support
or resistance level and then pulls back to it to continue in the direction of
the original breakout. In the 4 hour chart of the NZD/USD, we can see that the
price has broken a key support level outlined by the 0.7500 round number and
the 200 period exponential moving average (blue line). When can also see that
after the breakdown, the price is currently trying to pull back to the same
0.7500 area. This area could become a good resistance zone and we could be
presented with a good opportunity to go short if the price visits that area.
Good point. I'll keep a close eye on it.
ReplyDeleteExcellent analysis, we are at an important level.
ReplyDeleteIt will likely continue climbing until it reaches 0.7590 - 0.7600.
ReplyDeleteGreat analysis, thank you.
ReplyDeleteWell spotted! Thanks for sharing it.
ReplyDeleteGood analysis.
ReplyDeleteWell spotted.
ReplyDeleteVery informative. I will keep an eye on the price.
ReplyDelete