NZDUSD Price Analysis – October 19
NZDUSD races back to a key significant key level in a bullish market. Kiwi continues to amass maximum strength by pushing the price upward. The market accelerated, breaking through an important key level of 0.69800 before advancing upward. The sellers dropped from the 0.71500 price level down to the 0.68600 significant price level. The bears scantily pushed the market as the buyers also tried to tussle with them in the consolidation.
NZDUSD Significant Key Levels:
Resistance Key Levels: 0.73000, 0.71500
Support Key Levels: 0.69800, 0.68600
NZDUSD Long Term Trend: Bullish
NZDUSD, on the other hand, was seen consolidating between the significant price levels of 0.7300 and 0.71500. The sellers then took over the position, gaining more bearish strength by drawing the price movement downward. The momentum is then shared between the bears and the bulls as the price is seen consolidating between 0.71500 and 0.68600 significant price levels.
In the consolidation, the market waves sideways despite being in an overall bearish trend. Kiwi is now gaining bullish momentum and therefore racing upward. The RSI (Relative Strength Index) on the 1day chart displays price movement above the 50.00 level. The price, therefore, is assumed to be racing upward with bullish strength.
NZDUSD Short Term Trend: Bullish
On the 4-hour chart, the market is seen rising with bullish momentum. Kiwi pushed up with a long bullish candlestick after breaking the 0.69800 significant price level. The MACD (Moving Average Convergence and Divergence) indicator shows price action above the 0.00 level. The green histogram keeps increasing as the price races upward in a bullish trend. The RSI also makes a significant approach as NZDUSD continues to push forward. NZDUSD is, therefore, expected to move up to the 0.73000 significant key and even break beyond this price level.
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NZDUSD Long Term Trend: Bullish
The parabolic SAR displays dots below the most recent higher low. As the market rallies upward, this indicates bullish momentum. On the MACD histogram, the green formation continues to grow. This also provides a clear explanation of the bullish market.
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