- May 3, 2021
- Posted by: Analysis Team
- Category: Forex News
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- The bulls are seeking a retest of the old support on the daily chart.
- A weekly reverse head and shoulders could be in the making.
NZD/USD is on course for an upside continuation according to the following analysis on the weekly and daily time frames.
The bulls will be seeking a break of the daily resistance which could come of a firm retracement in the coming session.
WEEKLY CHART
The right-hand shoulder of the potential bullish reverse head and shoulders could be playing out.
Daily chart
The daily chart shows an M-formation that ties in with the bullish upside bias from a weekly perspective for the immediate session ahead.