NZDUSD H4 ChartNZDUSD H1 Chart
Technical Analysis: The price has rebounded off from the bottom of a range as seen in the buying zone and a full wave has completed followed by some significant retracement.
In H1 chart, the price has clearly made 2 minor retracements and thus a long but entered only at half risk as the price has not retested the previous low (low of 2nd minor retracement) plus it is not in the market hour.
The price is expected to gain another wave of appreciation with the volume similar to the previous wave and that will bring the price to the top of the range and into the resistance zone.
Market Sentiment: The kiwi is expected to gain further eventually due to the reluctance of cutting their interest rate and the fact that it has previously broken above major resistance level 0.7364, the top of the current range.
Trade Decision: Entered 1.5% of risk (half of usual risk) as the price has not retested the current low due to the off-market hour.
Once retest is done and price begins to rebound, enter another 1.5% to reach normal risk of 3%.
Take profit level will be seen at the top of the range in the resistance zone of 0.7347 to 0.7365.