Market NewsTechnical Analysis

NZD/USD: Bull Looks Good to Continue Its Move

  • NZD/USD has been bullish on the H4 chart finding a flipped support.
  • The SMA 30 has been working as a support.
  • The H1 chart looks bullish trading around the swing high.
  • Intraday minor charts trade around yesterday’s high.
NZD/USD H4 Chart
NZD/USD H4 Chart

NZD/USD -Technical Analysis- H4 Chart

The chart shows that the price has been bullish for quite a while. Upon having a rejection, it made a bearish correction and found its support at a flipped level. The chart produced a bullish engulfing candle right at 0.61600. As of writing, the current candle has been bullish as well. The buyers may look to go long and push the price towards the North. The price may find its next resistance around 0.62750.

On the downside, the sellers must wait for the price to produce a strong bearish reversal pattern. If it ends up producing a double top, the sellers may wait for the price to make a breach at the SMA 30’s support to look for short opportunities. As things stand, it may take time to happen.

NZD/USD H1 Chart
NZD/USD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price has been heading towards the North by obeying a trend line. At the last bounce, it produced a bullish engulfing candle and headed towards the North with a good momentum. As of writing, the pair trades around the swing high. The buyers may wait for a bullish breakout at the level to push the price towards the North further.

The sellers may wait for the price to make a breakout at the trend line to look for short opportunities. However, it is to keep in mind that there are more levels of supports to hold the bear back. Thus, the sellers may not have a smooth ride even if the price goes towards the South and ends up making a breakout at the trend line.

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

Contact and follow Tareq on Twitter: @tareqfpn

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