NZDUSD Buyers to Open up Trade Back to Resistance Level

NZDUSD Analysis – Buyers to Open up Trade Back to 0.66010 Resistance Level

NZDUSD buyers to open up trade back to 0.66010 resistance level. At this moment, the currency pair is already weighted toward a buying inclination. After a breakout from the 0.62180 key zone, the buyers established price orders above that level. In recent times, therefore, there has been demand for the NZD/USD currency pair, despite the fact that sellers have been in charge in the past. However, the buying tendency is still stimulated to continue forward.

NZDUSD Key Levels

Resistance Levels: 0.70400, 0.66010
Support Levels: 0.62180, 0.60630

After the price rebounded to the 0.70400 zone, the sellers let off on their selling pressure. As more bearish supply is seen to be overwhelming the NZDUSD market, the moving average crossover indicator displays a cross between the days of 9 and 21. Following a significant number of supply sales, we observe a bearish stop in close proximity to the 0.60630 critical zone. The buyers are now hoping to trade price orders to a level that was previously broken and retested by the sell traders on the NZDUSD price.

With the Moving Average crossing in view, the buyers are now trading upward as the Parabolic SAR (Stop and Reversal) indicator is now also mounting upward. The Money Flow Index on the daily chart is gradually increasing in volume above the middle range as buying traders are set to pick up momentum. A trade back to the 0.66010 key zone is therefore anticipated on the daily chart.

Market Expectation

As the market continues to progressively swing higher, the purchase traders have already begun stockpiling prices. It can be noticed that the Moving Average indicator is growing larger as the purchasing stretch continues to take place on the 4hr chart. The Money Flow index is currently showing signs of improvement as buyers are anticipated to trade back to the 0.66010 key zone.

Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.