NZDUSD Keeps Consolidating As Buyers and Sellers Await A Breakout

NZDUSD Analysis: The Market Keeps Consolidating As Buyers and Sellers Await A Breakout

NZDUSD market is currently consolidating as buyers and sellers await a breakout from a triangle pattern. The consolidation phase began after a liquidity grab occurred below the 0.61910 price level, as revealed by the contracting Bollinger Bands around the 0.61560 support.

NZDUSD Significant Zones
Demand Zones: 0.61560, 0.55120
Supply Zones: 0.65380, 0.70340

The market turned bearish in February 2023 when the Bollinger Bands widened to the downside. NZDUSD was initially bullish before changing to the downside. The bearish order block near 0.57410 was invalidated when the price increased due to a surge of buy orders at the 0.55120 support, but it might reject pricing upward in the future.

Before rising to a swing high at the 0.64690 level, the market was in a bearish condition until October 2022. Prices are currently forming a triangle pattern, and the market’s next move is anticipated to be determined by a real breakout.

Market Expectation

On the four-hour chart, NZDUSD is currently in a bullish trend, with bullish order blocks responsible for its continuation. The relatively equal highs at the 0.62810 price level are expected to break as the price rises. Overall, the market is awaiting a breakout from the triangle pattern, and the next move will depend on whether the price breaks upward or downward.