The price of the NZD / USD currency pair currently shows a tendency to strengthen. This strengthening signal can be seen from market conditions that have reached an oversold point, indicating that selling pressure is starting to weaken and the potential for a reversal is increasingly open.
Additional support for the bullish scenario also comes from the formation of a double bottom pattern and swing low structure, two technical patterns that generally indicate a potential reversal to the upside.
As long as the price stays above the support level, strengthening opportunities are still open in the short term.
Recommendation:
- Buy NZD/USD
- Entry: 0.59900
- Take Profit 1: 0.60200
- Take Profit 2: 0.60500
- Stop Loss: 0.59600
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