Market NewsTechnical Analysis

NZD/USD: Bull Continues Its Run towards Making New Swing High

  • NZD/USD has been bullish on the H4 chart.
  • The SMA 30 has been its support pushing the price towards the North.
  • The H1 chart looks good to go towards the upside.
  • Intraday minor charts have been bullish.
NZD/USD H4 chart
NZD/USD H4 chart

NZD/USD -Technical Analysis- H4 chart

The price has been up trending by obeying the simple moving average 30. At its last bounce, the price consolidated at the support and produced a bullish engulfing candle. The price then breached a significant level of resistance at 0.62980. As of writing, the pair trades above the level. The buyers may keep their eyes on the pair to go long from the value areas. As things stand with the pair, it may find its next resistance around 0.64000.

On the contrary, the sellers must wait for the chart to produce a bearish reversal pattern such as the double top followed by a breach at the SMA 30’s support to find short opportunities.

NZD/USD H1 chart
NZD/USD H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price has been bullish by obeying a trend line. It had multiple bounces at the trend line’s support. At the last bounce, it produced a double bottom. Thus, the buyers were keen to push the price towards the upside. The chart suggests that the price may continue its move and find its next resistance around 0.63500.

If the price makes a bearish correction, the buyers may wait for the price to produce a bullish reversal signal at the trend line’s support. The chart suggests that there would be enough space for the price to travel. However, considering the H1 and H4 chart, it may not be lucrative to look for short opportunities in the pair.

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

Contact and follow Tareq on Twitter: @tareqfpn

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