- NZD/USD has been bearish on the H4 chart.
- The SMA 30 has been working as a resistance.
- The H1 chart made a bearish move trading around the swing low.
- Intraday minor charts have been bearish.
NZD/USD -Technical Analysis- H4 Chart
The chart shows that the price has been heading towards the South with good momentum. As of writing, the chart is about to produce a bearish engulfing candle after having bullish correction with two candles. The sellers may go short below 0.61235 and drive it towards the downside further. It may find its next support around 0.60800.
For the sellers, the chart does not look good. Until, it produces a strong bullish reversal pattern or make a strong bullish move breaching the SMA 30, buyers may skip taking entries based on this chart.
Price Action Analysis- H1 Chart
The price has been down trending by obeying a trend line. At the last rejection, it produced a bearish inside bar. The next candle came out as a bearish candle as well. The pair seems to be consolidating around the swing low. The sellers may go short again below the swing low and drive it towards the South. The price may find its next support around 0.61000.
On the upside, if the price breaches the trend line, the buyers may wait for the price to confirm the breakout followed by a bullish reversal pattern to go long in the pair. The price may find its resistance around 0.61750.
The H1 chart may get bullish if it makes a breakout at the trend line. However, it is more bearish biased. The H4 chart looks good for the bear too. Thus, the pair may remain bearish and make some good move towards the downside.
Written by: Md Tareq Sikder, Senior Analyst Forex Prop News
Contact and follow Tareq on Twitter: @tareqfpn