NZDUSD Analysis – Buyers Open Up to Reclaim the Previous Key Zone of 0.57590
NZDUSD seeks to reclaim hold high despite selling downplay. The buyers are open to causing a rise to reclaim the price zone. Last week, the bullish action was felt on the market as buyers attempted to break beyond the 0.57590 key zone. Their attempt failed due to a lack of buying strength to open intraday trade above it. The sell traders closed the price moment in last week’s trade. The bulls are already building up momentum to reclaim the price order this time with the price setup to rise back to the 0.57590 key zone.
NZDUSD Key Levels
Resistance Levels: 0.64580, 0.60350
Support Levels: 0.57590, 0.55520
The bearish heavy fall in the past few months is the major reason for buyers’ making solid attempts to fill up the price level. The sellers pulled the price string as the Kiwi market fell out of the consolidation phase lower beyond the trend line. A bearish decline resulted in the price breaking through the 0.60350 key zone. The selling momentum was later neutralized when the bears later arrived down at the 0.55520 key zone.
Since the arrival of the price, buyers have made a concerted effort to push the price temporarily upward. The buyers are currently renewing price momentum to fill up to every point where they were previously defeated. The Parabolic SAR (Stop and Reversal indicator) remains on a positive slope. The RSI (Relative Strength Index) also shows a buying stance in the market. If more prospects charge out, we anticipate buyers to reclaim the 0.59570 key zone.
Market Expectation
The buyers are making another attempt to pull upward in the market. Buying charge is therefore still deemed solid as the Parabolic SAR and MACD (Moving Average Convergence & Divergence) indicators remain solid on the 4hr chart.
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.
Leave a Reply