Market NewsTechnical Analysis

NZD/USD: Bear’s Dominance amid Bull’s Zone

  • NZD/USD has been having a bearish correction breaching a flipped support.
  • The simple moving average 30 still works as a support.
  • The H1 chart looks bearish having enough space to move towards the South.
  • Intraday minor charts have been bearish.
NZD/USD H4 chart
NZD/USD H4 chart

NZD/USD -Technical Analysis- H4 chart

The chart shows that the price has been heading towards the South with a good bearish momentum. On its way, it has breached the level of 0.60400. Thus, the sellers may keep their eyes on the pair to look to go short. However, the SMA 30 still works as a support. A breakout below the SMA 30’s support may make the pair bearish and drive the price towards the level of 0.59500.

On the contrary, if the price finds its support at the SMA 30 and the chart produces a bullish reversal pattern, the buyers may push the price towards the North. In that case, the price may find its resistance around 0.61500.

NZD/USD H1 chart
NZD/USD H1 chart

The chart shows that the price has been bearish after breaching a bullish trend line’s support. It had made a good bearish move. On its way, a horizontal support at 0.60400 has been broken as well. The sellers may keep their eyes on the price action around that level. A bearish reversal at the level may generate good bearish momentum and drive the price towards the downside. The pair may find its support around 0.60000.

On the upside, the buyers must wait to make any trading decision based on the H1 chart. Unless, it produces a bullish reversal pattern or make a strong bullish move, the pair may not get bullish soon.

Considering both charts, it seems that the pair may remain slightly bearish or get sluggish. However, the bull needs time to show its strength in this pair.

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

Contact and follow Tareq on Twitter: @tareqfpn

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