Market NewsTechnical Analysis

NZD/USD: Trades Near Pivotal Resistances

  • NZD/USD closed above the SMA 30’s support on the H4 chart.
  • The pair has found its support at the swing low bouncing several times.
  • The H1 chart may make a bearish correction.
  • Intraday minor charts are yet to find a direction.
NZD/USD H4 Chart
NZD/USD H4 Chart

NZD/USD -Technical Analysis- H4 Chart

The chart shows that the price has found its support at 0.60500. It had several bounces at the level. Upon producing a bullish engulfing candle, it has headed towards the North breaching the simple moving average 30’s resistance. As of writing, the pair trades above the SMA 30. Thus, the buyers may keep their eyes on the pair to go long around the moving average’s support upon having breakout confirmation followed by a bullish reversal signal. The price may find its next resistance around 0.61600.

On the other hand, if the price comes below the SMA 30, the sellers may be interested to go short in the pair. The swing low may play a pivotal role in case of bearishness.

NZD/USD H1 Chart
NZD/USD H1 Chart

Price Action Analysis- H1 Chart

The chart shows that the price headed towards the North with a good momentum. It has found its resistance around 0.61100 and produced a bearish reversal pattern. As of writing, it has been heading towards the South searching for its support. The level which may work as a flipped level of support offers enough space. Thus, the correction may end up being a long one.

On the contrary, if the price breaches the level of 0.61100, it may remain bullish and find its resistance around 0.61600.

Both charts suggest that the pair is to find its direction trading near pivotal levels of resistance. Thus, traders are to be watchful before making their trading decisions.

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

Contact and follow Tareq on Twitter: @tareqfpn

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