NZDUSD Analysis – Price Is Ready to Trade to a Significant High of 0.73000 Level
NZDUSD is ready to trade a new significant high in the bullish market. The market recently has been in favor of the bulls, and prices continue to advance in their direction. When the bulls set the price up, we also see the bears trying to lower the market’s price action. The buyers, in preparation to continue in their bullish market, must gather momentum around the 0.71500 significant level.
NZDUSD Significant Key Levels:
Resistance Key Levels: 0.73000, 0.71500
Support Key Levels: 0.69800, 0.68600
However, Kiwi price action assumed more of a bearish trend before the buyers eventually gained control of the market. The price first drops from the 0.7300 significant price level before rallying down beyond the 0.69800 significant price level. The market then accumulated for a long time before a touchdown by the bears at the 0.68600 price level. NZDUSD phase witnessed price movement between the bulls and the bears consolidating between the 0.71500 and 0.68600 price levels.
The price finally breaks through the 0.71500 significant key level and a strong pullback was evident. The bulls are eventually taking the price movement upward as the momentum increases. The momentum indicator shows price movement increasing progressively as the bulls continue to gain control.
On the 4-hour chart, the bulls continue to rally upward, breaking through several price levels. The market is now seen retesting the 0.71500 significant level. As a result of this retest, the bulls are ready to push the price to a new significant high. The Bollinger Band shows the market forming a new squeeze, indicating a breakout upward. The momentum indicator is also set on a course as the price continues to increase progressively. Therefore, NZDUSD is ready to trade at the 0.73000 price level as momentum increases.
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.