NZDUSD Analysis- Buyers Continue the Trend, Following Stop Over at the 0.60600 Key Zone
NZDUSD price resumes buying action following the stopover at the 0.60600 key zone. NZDUSD has begun to make positive efforts to touch the market tendency. The bulls are currently boiling up following the holdback which resulted from the candle stick formation of the previous day. The market appeared to have opened with a pin bar on the 0.60600 key zone, which still confirms buying tendency on the Kiwi market. Traders should still look forward to buying activity beyond the 0.62400 key zone. This is because the bulls are still in charge and several indicators confirm hope for a bullish breakthrough.
NZDUSD Key Zone
Resistance Zones: 0.65780, 0.62400
Support Zones: 0.60600, 0.57200
The bulls have been much more involved in the current market phase. There was a shot in the price structure in October and this gave way for buyers to hold more influence. The Kiwi price transitioned into a bullish tendency as the price made its appearance at the 0.55300 key zone after a long bearish trend. The market however began to supply buying strength as we get to see more build up. However, at every junction, the sellers tried to make comeback so that the price could be lowered but every setup could push through.
The price has recently broken through the 0.60600 key zone, after which a price pullback was observed. The MACD (moving average convergence and divergence) indicator is currently mounting on the positive slope, as the price signal still dictates room for a bullish trend. The RSI (relative strength index) also registers buying tendency in relation to buying activity currently ongoing on the daily chart. The buyers are therefore still looking to cause more influence on the Kiwi market.
Market Expectation
The buyers are still causing the price to swing forward on the 4hr chart. The Chaikin Oscillator shows that the buyers are still influencing the money flow direction at the moment. Traders should watch out for buying setups beyond the 0.62400 key zone.
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