NZDUSD in an hourly time frame. Price is approaching towards the dynamic support level. We are looking for a probable long trade here using 3-simple moving average strategy.
But if we go to a higher time frame like weekly, we'll see a different scenario. If you trade an hourly time frame, higher time frame for this time frame will be four hourly and daily.
If we go to 4 hourly time frame then the trade direction is ok but if you go hourly time frame then we find that price is facing a resistance. If we go to a more higher time frame then we've found that the resistance is strong and the price actually running through a downward channel where price is near the upper band of the channel.
So there is a strong possibility of price reversal from the upper band of the channel. We should remain careful with any of our long trade here.
See you next week.
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