NZDUSD is completely correlated with AUDUSD. We will look into an intraday buy for NZDUSD.

- Market structure: NZDUSD is in a bearish market structure. Market created a swing support area at 0.6915, which needs to be tested for a buy. After testing this, we anticipate market moving towards the resistance of 0.7025.

- Trendline: NZDUSD is also in a wedge pattern. The downward consolidation within the wedge has created a bullish pressure. The descending support trendline has been tested 3 times and rejected the 4th time. On the upper side, we have a descending trendline formed. And with the current market structure being formed, we anticipate NZDUSD breaking out from the trendline for buys.

- Retracement: The retracement level of 75-78.6%. This level is in confluence with the support level of the swing where we plan our long position.

- EMA's: Right now, EMA 50 is on the verge of being broken out for buys. The dilemma with EMA is, whenever an EMA is dysfunctional in a way of breakouts on either side, this signs a potential power move towards a direction. In this case, we have a bullish bias. Secondly, EMA 200 is still far up. We anticipate this EMA 200 being retested upwards, which lays on the resistance level of 0.7025.

- RSI/CCI: RSI has a bullish trendline breakout and currently resides at the 54 level: which is a bullish region for the oscillator. When market turns down to test our support level for buys, we may see RSI hovering around the 50 area, which leaves the window towards the 75 level region for buys. CCI is at 0 level, transitioning towards the bullish region above 0.

NZDUSD has formed an intraday setup but market is still above our marked price to go LONG on the pair. If market hits our potential target at the resistance first, the trade is invalidated and we will look for a new trading plan.

NZUSD H4 intra-day BUYS.

Jul 22 2021

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