Market NewsTechnical Analysis

NZD/USD: Bull Makes a Strong Run, May Take a Pause

US Dollar PCE EUR/USD USD/JPY
  • NZD/USD has made a strong bullish move on the H4 chart.
  • The pair trades well above the simple moving average 30’s support.
  • The H1 chart looks bullish having consolidation.
  • Intraday minor charts have been bullish may make some correction.
NZD/USD H4 chart
NZD/USD H4 chart

NZD/USD -Technical Analysis- H4 chart

The pair has been bullish on the H4 chart for quite a while. The simple moving average 30 has been working as a support. At the last bounce, it produced a bullish engulfing candle and headed towards the North. It had a rejection at the last higher high, but eventually made a breakout there as well. Today’s first H4 candle closed as a strong bullish one. Thus, the buyers may keep their eyes on the pair to go long from the value areas. The level of 061130 has been the last significant breakout level. Since it is too far, the pair may consolidate and find its support well above that.

The sellers may not make any trading decision based on this chart. It may make a long correction. However, it would be tough to find entries with lucrative risk-reward as far as the sellers are concerned.

NZD/USD H1 chart
NZD/USD H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price has been very bearish. Before making a breakout at 0.61490, it consolidated for a while. It then continued its journey and made a strong breakout. As of writing, the pair has been on consolidation. A breakout above the consolidation resistance may push the price towards the North. The price may find its next resistance around 0.62500.

If it does not find its support, but continue its correction, it may find its support around 0.61490. A bullish reversal pattern at the flipped support may generate bullish momentum again and push the price towards 0.62300 by offering excellent risk-reward.

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

Contact and follow Tareq on Twitter: @tareqfpn

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