Market NewsTechnical Analysis

NZD/USD: Bull Looks to Sneak Its Chances  

  • NZD/USD has found its support at the swing low on the H4 chart.
  • The pair may make a bullish correction to find its resistance.
  • The H1 chart looks bullish upon producing a double bottom.
  • Intraday minor charts have been bullish trading within yesterday’s range.
NZD/USD H4 Chart
NZD/USD H4 Chart

NZD/USD -Technical Analysis- H4 Chart

The chart shows that the price had a bounce at 0.60500 and produced a strong bullish signal. However, the simple moving average 30 has been working as a resistance. Thus, the buyers may not be sanguine to push the price towards the North. Upon finding a resistance, the pair may get bearish again. The SMA 30 may work as a resistance again since the correction may be extended. However, a bearish breakout at the support may drive the price towards the South. It may find its next support around 0.58800.

The buyers, on the other hand, may get themselves engaged in buying if the price breaches the SMA 30. As things stand, it may need time to happen.

NZD/USD H1 Chart
NZD/USD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that it has produced a double bottom and headed towards the North upon producing a bullish engulfing candle. As of writing, the pair looks good to head towards the North. It may find its next resistance around 0.61000.

The sellers may not find short opportunities based on this chart. They are to be patient. Intraday minor charts have been bullish as well. It means that the pair may continue its move with a good momentum. A move with good momentum may have an impact to keep the pair bullish for a while on the chart.

In a word, bull looks promising despite bear’s strong move earlier. Let us now wait and see what the price does next.

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

Contact and follow Tareq on Twitter: @tareqfpn

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