Market NewsTechnical Analysis

NZD/USD: Bull Moves with Command, Bear Goes out of the Frame

  • NZD/USD has been heading towards the upside on the H4 chart.
  • The pair made a significant bullish breakout at a horizontal resistance.
  • The H1 chart looks bullish traded over yesterday’s high.
  • Intraday minor charts may make some bearish corrections.
NZD/USD H4 chart
NZD/USD H4 chart

NZD/USD -Technical Analysis- H4 chart

The chart shows that the pair produced a bullish engulfing candle at 0.58500. It then produced consecutive bullish candles. On its way, it made a significant bullish breakout at 0.59975. As of writing, the pair trades above the level. Thus, the buyers may wait for the price to make a bearish correction and produce a bullish reversal pattern at the flipped support to go long again. If that happens, the pair may find its next resistance around 0.62000.

On the downside, if the price breaches the horizontal support, it may get choppy. The simple moving average 30 may still work as support. Thus, a bearish breakout at the horizontal support may not generate that bearish momentum.

NZD/USD H1 chart
NZD/USD H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price after being very bullish had a rejection around 0.60100. It made a little bearish correction as expected. Upon finding its support, the par has headed towards the North again breaching the level of 0.60100. As of writing, the pair trades above the level. The buyers are going to keep their eyes on the price action around the level to go long on the pair. A bullish reversal pattern may push the price towards 0.60530.

The sellers may not find short opportunities with lucrative risk-reward soon. They should be very patient with the pair before making any trading decision based on the H4 or H1 chart.

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Your email address will not be published.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

Asia-Pacific Markets Dip on Tech Earnings and Economic Data

Asian markets fell as U.S. tech earnings disappointed. The Nikkei dropped 1.27%,...

Asian Stock Diverge as Wall Street Sees Strong Rebound

Asia-Pacific markets were mixed as Wall Street rebounded. Taiwan's Taiex surged 2.4%,...

Dollar Steady; Gold and Oil Prices Face Challenges: Market Focus

Quiet start to the week with no major news. DXY steadying around...

Profit-Taking and Tech Sector Weakness Drive Down Asia-Pacific Markets

Asia-Pacific markets declined on Friday, reflecting Wall Street’s tech stock sell-off. Japan’s...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

Asia-Pacific Markets Dip on Tech Earnings and Economic Data
Market News

Asia-Pacific Markets Dip on Tech Earnings and Economic Data

Asian markets fell as U.S. tech earnings disappointed. The Nikkei dropped 1.27%, Hang Seng down 0.83%, and EV stocks fell.

Asian Stock Diverge as Wall Street Sees Strong Rebound
Market News

Asian Stock Diverge as Wall Street Sees Strong Rebound

Asia-Pacific markets were mixed as Wall Street rebounded. Taiwan's Taiex surged 2.4%, while China's CSI 300 fell 1%.

Copyright © 2023 Forex Prop News. All Rights Reserved.