NZDUSD Rebounds Off a Support Level to Maintain Bullish Order

NZDUSD Analysis- Price Rebound off 0.70700 Support Level

NZDUSD rebounds off the support level of 0.70700 to maintain a bullish ride. The price is already in a bullish order flow before commencing to consolidate between the significant levels of 0.70700 and 0.72000, and it is now determined to take off. If the price momentum finally increases, a breakout over the 0.72000 price level is expected; otherwise, the market will reverse and move in the other direction, falling below the 0.70700 level.

NZDUSD Significant Levels:

Resistance Levels: 0.72000, 0.69600
Support Levels: 0.70700, 0.68600
Kiwi existed with several market phases, as the market accumulation first resulted in a bearish moment. The price precisely dropped between the range of 0.69600 and 0.70700 price levels, down to the 0.68600 support level. New strength emerged, making the price ride upward following a bullish rally upward. The market, however, rose close to the 0.72000 price level before sellers’ manipulation set in, breaking several price levels.

As a result of the seller’s manipulation in the market, the price was seen trading back to the old support level. Kiwi rode back to 0.68600 level before the bulls emerged with new strength. The bulls succeeded in gaining price movement upward as the price level is seen following a rebound off the 0.70700 support level. As the momentum increases, the market will eventually break beyond the 0.72000 resistance level. The Momentum indicator correlates with the market movement, as the signal is seen rising above the 0.00 level, indicating an increase in momentum.

Market Expectations

The 4hour chart, taking a turn, shows price movement in consolidation. It shows the strength of both the bulls and the bears as the tussling continues. The bulls will gain further speed after recovering from the support level, and the Parabolic SAR (Stop and Reversal) indicator also backs the price signal. Because the price has already rebounded from the 0.70700 support level, the market is projected to retain its positive orientation.

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