Resistance Zones: 0.74700, 0.73800, 0.72900
Supply Zones: 0.72000, 0.71400, 0.70020
NZDUSD has been all about correcting the bearish spike it had on 23rd March 2021. This is successfully achieved on the 14th of April 2021. The price has since returned to its previous playing field between the 0.71400 accumulation and 0.72900 distribution, with it occasionally using 0.72000 as support/resistance in-between.
NZD has now set its sight on a new goal and is looking forward to scaling a new height. The formation of the symmetrical triangle confirms that the price is ready to shoot up for the next distribution zone with the 0.73800 resistance firmly in sight. The price could go as far as February’s highest at 0.74700.
NZDUSD Market Prediction
The market has started the day with a strong bullish haramis candle which at the time of writing, is almost touching the upper side of the symmetrical triangle having bounced off the 0.72000 support. The 9MA (Moving Average) is upwards looking and confirms that there is a general bullish trend. Less movement towards the tip of the triangle shows that the price is consolidating waiting for a break-out.
The Stochastic indicator is already facing upwards from the central point of 48, showing that buyers have started taking over the market.
On the 4-hour chart, the bulls are seen to be in complete control of the market already. There have been formed consistent strong bullish candles since the market opened today. The 9MA (Moving Average) has the candles above it, showing a bullish run.
The Stochastic indicator has its signal lines firmly in the buying region at 72 showing that buyers are in complete control of the price at the moment.
The price is set to break out of the symmetrical triangle, retest the upper border and then shoot for 0.73800, except 0.72900 proves too strong for it.
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