Market NewsTechnical Analysis

NZD/USD: H1 Chart May Determine Its Next Route

  • NZD/USD has had its second rejection at 0.61450.
  • The SMA 30 has been holding the price as a support.
  • The H1 chart has been bearish trading around yesterday’s low.
  • Intraday minor charts have been bearish.
NZD/USD H4 Chart
NZD/USD H4 Chart

NZD/USD -Technical Analysis- H4 Chart

The chart shows that the price had a rejection last week at 0.61450. The price had another rejection this week. The simple moving average 30 has been working as a support. However, the price made another bearish move trading around the SMA 30 as of writing. The pair may end up making a breakout here. If that happens, the sellers may go short in the pair and drive the price towards the South. The price may find its next resistance around 0.60000.

On the other hand, if the SMA 30 holds the price and pushes it towards the North, the buyers may wait to go long above 0.61450. In that case, it may find its resistance around 0.62000.

NZD/USD H1 Chart
NZD/USD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the pair trades around 0.61130. The level worked as a support yesterday and pushed the price towards the North. However, it has come down again. The buyers may wait to get a bullish reversal candle to push the price towards the upside. It may find its resistance around 0.61350.

The sellers, on the contrary, may wait for the price to make a bearish breakout at the level to go short in the pair. In that case, it may find its support around 0.60850.

Considering both charts, it seems that H4 traders are to be patient here to find its next route. The H1 chart traders are nicely poised to find its direction though. The level of 0.61330, on the H1 chart, may determine its next trend. As things stand, the next H1 move may play a vital role to determine its direction on the H4 chart.

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

Contact and follow Tareq on Twitter: @tareqfpn

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