Market NewsTechnical Analysis

NZD/USD: Choppy Price Action Makes Traders Wait

  • NZD/USD has been choppy on the H4 chart.
  • The price roams around the SMA 30.
  • The H1 chart looks good for the buyers with a strong support.
  • Intraday minor charts have been bullish.
NZD/USD H4 chart
NZD/USD H4 chart

NZD/USD -Technical Analysis- H4 Chart

The chart shows that the price has been roaming around the simple moving average 30 for a while. It is to find its direction. Thus, a strong move either towards the North or the South may give a direction to the traders. As of writing, the SMA 30 has been working as a support. However, it is not decisive. The chart may find its resistance at the horizontal level and make a move towards the South. It may find its support around 0.61000.

On the upside, if the price moves towards the North and makes a breakout at the level of 0.62650, the price may find its resistance around 0.63650.

NZD/USD H1 chart
NZD/USD H1 chart

Price Action Analysis- H1 Chart

The chart shows that the price has been roaming around the horizontal level of 0.62300. It looks to be a strong support. Thus, the buyers may be very interested to go long and push the price towards the North. The price may find its next resistance around 0.62700. A breakout above the level may generate more bullish momentum and push the price towards the upside for a while. In that case, it may find its resistance around 0.63000.

On the downside, if the price makes a breakout at the support level at 0.62300, the price may head towards the South and find its support around 0.61800.

Considering both charts, it seems that traders are to be patient and keep their eyes on the price action before making any trading decision. The pair may take time to give a solid direction to the traders.

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

Contact and follow Tareq on Twitter: @tareqfpn

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