NZDUSD Continues Resurgence and Mounts Above the 0.67140 Key Level
NZDUSD continues its resurgence from its recent bearish round and has mounted above the 0.67140 critical level. The price initially fell to 0.65330 as a result of the bearish round. But the buyers show their enthusiasm by not accepting defeat. Instead, a tweezer bottom candlestick pattern was employed to cause a price reversal to the upside. Subsequently, NZDUSD continues bouncing upward on a trend line till it climbs above the 0.67140 critical level.
NZDUSD Critical Levels
Resistance Levels: 0.71500, 0.71040, 0.69460
Support Levels: 0.67140, 0.65330, 0.64010
Towards the end of 2021, sellers broke the market’s consolidation trend by employing a slanting double top chart pattern, which distorted the ranging phase and plummeted the price. This led to a slump downward. NZDUSD halted temporarily at the strong key level of 0.67140, but a continuous mildly-opposed insistence by the sellers drilled through the key level. The price continued downward till it reached 0.65330.
Enthusiastic buy traders got revitalized at the 0.65330 support level and immediately threw a spanner in the works. A tweezer-bottom candlestick reversal pattern was used to bring about a bullish resurgence in the market. NZDUSD now continues trending upward with consistent higher lows and highs being formed. The MA period 30 (Moving Average) is currently solidifying the support for the market’s uptrend movement.
Market Expectations
The price keeps gyrating upwards on an uptrend line, bypassing the key levels. The most prominent achievement is breaking through the strong key level at 0.67140. This will provide a solid base from which buyers can prod further upward. The RSI (Relative Strength Index) has touched down at the oversold border and is set to rebound upwards. NZDUSD is now targeting another solid key level at 0.69460.
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