The last Finlogix analysis this Friday goes to NZDUSD.

There is no major economic report for New Zealand that will impact the Kiwi (NZD) today.

Here are NZDUSD’s high time frame candle patterns:

Weekly Candle: Previous close was a Red Long Lower Shadow current is a Green Body with Short Head Wick

Daily Candle: Yesterday’s close was a Green Spinning Top with Long Head Wick current is forming a Green Hammer

The yearly candle has found its bottom that is aligning with the last 2 years’ higher low formation.

Good month candle breaking the 0.62 resistance and continue trading above it at the time of writing.

The weekly 0.59-0.60 buy zone has been a success while 8 consecutive green candles.

On the 4H chart, there’s a good retracement from 0.6370 swing high down to 0.6040 swing low which formed our PD (Premium and Discount arrays).

We can also see successful technical silver and golden crosses (SC and GC) where the 50-SMA crossed the slow moving 100 and 200 SMAs. At time of writing, the NZDUSD is doing some transitioning move from the discount to the premium array.

Although facing some resistances, the Kiwi have willing buyers and seemingly have taken over but for my trade plan, I will wait for the pullback one more time to the discount array for more confirmation then I set a swing trade to the upside.

The take profit and stop loss are both 1.618 breakout extensions based on the swing high and low ranges.

Remember this is a swing trade setup and will be dragged for many days or weeks.

Till then, let’s wait for this trade’s result.

Have an amazing Friday and weekend ahead.

NZDUSD Intraday Analysis and Trading Plan For February 23, 2024

Feb 23 2024

Entered -0.20%

Holding time 197d8hr

0.61735

Current price

0.59480

Stop loss price

1