NZDUSD Analysis — Price Rebounds From the 0.69800 Significant Price Level and Is Trying to Break Out
NZDUSD rebounds from a significant level and is on the verge of a breakout because of its bullish momentum. The buyers continue to accumulate more strength in the market. However, the bulls first attempted a breakout after a drawdown from the 0.71500 significant price level. The bears took control of the market down to 0.68700 before a reversal then occurred. The buyers then failed to break through the 0.69800 price level.
NZDUSD Significant Levels:
Resistance Levels: 0.73000, 0.71500
Support Levels: 0.69800, 0.68700
However, as the buyers continue to add more strength to the market, the price will attempt to break out after it rebounds this level. The bulls continue to display strength despite the market being in a downtrend before. Kiwi consolidated between the significant price levels of 0.73000 and 0.71500. The market breaks out following a downtrend and was moving sideways. The price finally headed towards the 0.68700 significant price level where a reversal was seen below it.
The bulls finally took control and the price rallied back to the 0.71500 significant price level before the bears started to dominate. As a result of the seller's dominance, the price fell back to the 0.68700 significant price level. The bulls are trying to escape and breakout above the 0.69800 significant price level. The momentum indicator shows price movement rising above the 0.00 level. This indicates that price momentum will continue to increase upward.
On the 4hour chart, the price movement is seen dropping, and the market is in a range. The bulls are trying to push their strength to breakout. The Parabolic (SAR Stop and Reversal) shows the price gathering momentum upward. The momentum indicator is increasing as the price is set to break beyond the 0.69800 significant price level.
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