{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/nzdusd-is-set-to-reverse-upon-break-out-and-retest-of-ascending-channel\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/nzdusd-is-set-to-reverse-upon-break-out-and-retest-of-ascending-channel\/","headline":"NZDUSD Is Set to Reverse Upon Break Out and Retest of Ascending Channel","name":"NZDUSD Is Set to Reverse Upon Break Out and Retest of Ascending Channel","description":"NZDUSD Market Analysis \u2013 the Price Is Set to Reverse Upon Breakout and Retest NZDUSD is set to reverse and has therefore defied its ascending channel. It has done this with a breakout and retest of the supporting trend line. There was a major change in the market bearish run which was initiated on the […]","datePublished":"2021-06-15","dateModified":"2021-06-15","author":{"@type":"Person","@id":"https:\/\/forexschoolonline.com\/author\/jonfox\/#Person","name":"Johnathon Fox","url":"https:\/\/forexschoolonline.com\/author\/jonfox\/","identifier":1,"description":"Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Forex School Online","logo":{"@type":"ImageObject","@id":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","url":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","width":240,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2021\/06\/NZDUSD-1Day-2.png","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2021\/06\/NZDUSD-1Day-2.png","height":690,"width":1426},"url":"https:\/\/forexschoolonline.com\/nzdusd-is-set-to-reverse-upon-break-out-and-retest-of-ascending-channel\/","about":["Article","Article-com","charts","FX Technical Analysis","Price Action Charts in Focus","Support & Resistance","Trade Setups"],"wordCount":373,"keywords":["Market Anticipation","NZDUSD","Price Chart","Technical Analysis"],"articleBody":"NZDUSD Market Analysis \u2013 the Price Is Set to Reverse Upon Breakout and RetestNZDUSD is set to reverse and has therefore defied its ascending channel. It has done this with a breakout and retest of the supporting trend line. There was a major change in the market bearish run which was initiated on the 20th of March the previous year. It took off upon forming a pin bar with a long wick, thereby showing its willingness to rally aggressively. The bulls have driven NZDUSD higher through the previous year into this year. Multiple retracements occurred when the sellers in the market tried to gain control but they were overpowered by the bullish momentum. The rise in the market price with multiple retracements has formed a clear resistance trend resting above the higher highs in the market, likewise, the trend line support has also formed resting below the lows in the market to defend against a reverse in the market.The ascending channel formed on NZDUSD has been defied with a shallow dive in the market below the supporting trend line on the 23rd of March 2021. The dive was a breakout of consolidation below the 0.7150 support level which started on the 30th of December 2020. The market has faced a little correction outside the consolidation in the ascending channel to retest the lower trend line. The retest of the ascending channel is on the previous consolidation resistance at 0.7300.NZDUSD Major ZonesSupport Zones: 0.6500, 0.7150Resistance Zones: 0.6800, 0.7300Market Expectation After NZDUSD Breakout and RetestOn the four-hour chart, a triple top pattern is obvious. The pattern indicates a willingness of the market to reverse. The market is currently on the verge of breaking out of the triple top pattern. A successful breakout would likely reach for the next key zone at 0.6800.The nine and twenty-one Moving Averages have united with a cross above the previous week’s daily candles. The cross above the candles creates an alert for a bearish momentum. NZDUSD is therefore set to reverse upon breakout and retest of the ascending channel.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."}