Market NewsTechnical Analysis

NZD/USD: Bear Steps in, Does it Make a Run?

  • NZD/USD is traded within a horizontal channel on the H4 chart.
  • The pair has had a bounce at the channel’s support.
  • The simple moving average 30 has been working as a resistance.
  • The H1 chart looks bullish.
NZD/USD H4 chart
NZD/USD H4 chart

NZD/USD -Technical Analysis- H4 chart

The pair is traded at a critical level. The chart shows that it has been traded within that horizontal channel. The channel’s support has produced a bullish engulfing candle. However, the simple moving average 30 has been working as a resistance. A breakout above may push the price towards the channel’s resistance and it may end up making a breakout there. In that case, the price may find its resistance around 0.63000.

On the contrary, if the SMA 30 produces a bearish reversal pattern, the sellers may wait for the price to make a breach at the channel’s support to go short in the pair. The price may find its next support around 0.60350.

NZD/USD H1 chart
NZD/USD H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price upon finding its horizontal support made a good bullish move. On its way, it made a significant breakout at 0.61610. As of writing, the pair is about to produce a bullish reversal candle at the level. Thus, the buyers may go long in the pair and push the price towards the North. It may find its next resistance around 0.62000.

On the contrary, if the price breaches the flipped support and makes it a resistance, the sellers may look for short opportunities. Considering the H1 chart, it looks good for the buyers.

The H4 chart still looks good for the sellers. However, the H1 chart seems to be in a hurry to go towards the North. Thus, we may see that the pair gets bullish and remain bullish for a while.

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

Contact and follow Tareq on Twitter: @tareqfpn

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Related Articles

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets

Asia-Pacific markets declined on Friday, reflecting Wall Street’s tech stock sell-off. Japan’s...

Asia-Pacific Markets Plunge on Chip Stock Declines: Market Watch

Asia-Pacific markets plummeted on chip stock declines, reflecting global economic uncertainties and...

Forex Focus: Dollar Strength and Market Movements in Asia

U.S. retail sales in June held steady at $704.3B, buoyed by non-store...

Asian Markets React to Powell’s Dovish Remarks with Mixed Results

Asian markets reacted mixed after Powell's dovish comments, with Hong Kong's Hang...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets
Market News

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets

Asia-Pacific markets declined on Friday, reflecting Wall Street’s tech stock sell-off. Japan’s inflation remained steady, and chip stocks showed resilience.

Asia-Pacific Markets Plunge on Chip Stock Declines: Market Watch
Market News

Asia-Pacific Markets Plunge on Chip Stock Declines: Market Watch

Asia-Pacific markets plummeted on chip stock declines, reflecting global economic uncertainties and geopolitical tensions, impacting regional indices sharply.

Copyright © 2023 Forex Prop News. All Rights Reserved.