NZDUSD Analysis – Buyers Are In Contention As Price Extends Towards the 0.60100 Key Zone
NZDUSD buy-traders prepare for battle as the price makes a rally upward. The buying power in the Kiwi market is said to have increased gradually since the beginning of this week.
Therefore, the chances of buyers escalating beyond the 0.60100 market level are still quite possible at the moment if bullish momentum increases. The Bollinger Band indicator direction has changed its trend as the price moved from the selling phase to the buying swing last month.
NZDUSD Market Levels
Resistance Levels: 0.69700, 0.60100
Support Levels: 0.57810, 0.55450
The Kiwi market opened with a strong engulfing candlestick. This, therefore, shows the presence of a buying stance, and traders will have more buying opportunities in the coming days. Before the opening of the candlestick, the sellers made the price retrace roughly to the 0.57810 key zone. However, the bearish tendency has already posed a threat for some time, and the Kiwi price will be influenced by it in the coming days as well. Selling resilience has been seen as bearish pouring out, which began at 0.69700 market level.
The Kiwi price continues to trade lower as the price continues to react to the trend line. Following the escape from the trend line in September, the buyers have been making an uprising in the market. The green histogram is increasing on the MACD (moving average convergence and divergence) indicator, and the signal line is above the 0.00 level. The price has recently reacted to the middle level of the Bollinger Band indicator on the daily chart timeframe.
The buyers are jumping upward in the market on the 4-hour chart. However, the stochastic oscillator is currently above 100.00, and buyers are ready for a fight to extend the price moment up to the 0.60100 market level.
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