Market NewsTechnical Analysis

NZD/USD: A Confluence Level Holds the Price, What’s Next?

  • NZD/USD is traded around a significant level on the H4 chart.
  • A bullish reversal pattern may make the pair move towards the North.
  • The H1 chart looks choppy.
  • Intraday minor charts are to find their direction.
NZD/USD H4 Chart
NZD/USD H4 Chart

NZD/USD- Technical Analysis-H4 Chart

The chart shows that the price after being bullish on the H4 chart, made a long bearish correction. The price seems to have found its support at 0.58150. The level is very crucial since the price reacted at this level multiple times. The simple moving average 30 has been working as a support as well. Thus, the buyers may keep their eyes at this point to go long upon having a bullish reversal candle. The price may head towards the last swing high with good momentum if that happens.

On the contrary, if the price breaches the horizontal level, the sellers may wait for the chart to confirm the breakout to go short in the pair. In that case, that would be a confluence resistance as well. Thus, the sellers may drive the price towards the downside aggressively.

NZD/USD H1 Chart
NZD/USD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been choppy around the level of 059150. This signifies the importance of that level. The buyers are going to keep their eyes on the price action around that level. A bullish reversal candle followed by a price breach at 0.59400 may push the price towards the upside with good momentum. The price may find its resistance around 0.59750.

On the contrary, if the price breaches the support and confirms the breakout, the sellers may drive the price towards the South. The price may find its support around 0.58750.

Considering both charts, it seems it may go either side depending on its price action around the support. However, the bull is slightly ahead since both support levels still hold the price.

Written by: Md Tareq Sikder, Senior Analyst Forex Prop News

Contact and follow Tareq on Twitter: @tareqfpn

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