Market NewsTechnical Analysis

NZD/USD: Bull Accelerates but Will it Continue?

  • NZD/USD has been bullish on the H4 chart.
  • The pair trades above the Simple Moving Average 30.
  • It breaches the last week’s high.
  • Intraday price action has been bullish.
NZD/USD H4 Chart

NZD/USD-Technical Analysis-H4 Chart

The chart shows that the price has been heading towards the North with moderate momentum. On its way, it made a breakout at the last weeks high at 0.59400. Upon making the breakout, the pair has gathered decent momentum to head towards the upside. The buyers may keep their eyes on the pair to go long from the value areas. The price may find its next resistance around 0.60600. On the downside, the sellers must be very cautious about making any trading decision. The pair may  make some bearish corrections or consolidate. However, to get a lucrative risk-reward, the sellers must wait for the pair to produce a strong bearish reversal pattern at the key resistance level.

Defensive buyers may wait for the price to make a bearish correction followed by a bullish reversal pattern at the last week’s high to go long and push the price towards the upside.

NZD/USD H1 Chart
NZD/USD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been up trending by obeying a bullish trend line. At the last bounce, it produced a bullish engulfing candle. Since then it has been heading towards the North with good momentum. The buyers are to wait for the price to consolidate and produce a bullish reversal candle to go long. As things stand with the pair, the pair may make a long bearish correction to find its next support. If it comes around the trend line’s support and produces a bullish reversal pattern at the trend line’s support, the buyers may push the price towards the North again with good momentum. It may end up making a new higher high. The price may find its next resistance around 0.60300.

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Your email address will not be published.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

New York Empire State Manufacturing Index Surges, Lifting USD

Empire State Index surges, USD gains, and RBNZ cuts rates. The market...

Asia-Pacific Markets Rise as China Signals Private Sector Support

Asia-Pacific markets rise as China supports the private sector, with Japan, Hong...

Asia-Pacific Markets Gain as Focus on Central Bank Decisions

Asia-Pacific stock markets traded mostly higher on Monday as investors assessed Japan’s...

Asian Equities Rally Following Strong Wall Street Performance

Asian equities rallied following a strong Wall Street performance on U.S. tariff...