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Kiwi is expected to maintain its bullish stance following a retest of the 0.65930 significant zone. The bullish momentum is expected to last for a while, as long as buyers continue to take more positions in the market. This will, however, cause the price to be distributed in the bullish phase. Despite the bear’s involvement in the market, the price is expected to rise higher, above the 0.68580 significant level.
NZDUSD Significant Levels:
Resistance Levels: 0.72210, 0.68580 Support Levels: 0.65930, 0.65220
NZDUSD Long Term Trend: Bearish
Before the bears’ outrage emerged in the market, there was a significant accumulation of price caused by both the buyers and sellers. This, however, occurred near the 0.68580 zone. However, the sellers saw an opportunity to envelop the market by changing its course downward. The market then settled with a bearish appearance as price momentum increased.
Following a price breakthrough to several levels, the bears pushed the market to the 0.65220 level before a reversal was evident. The bulls struggled to take over as the bears’ interference in the market caused the price to drawback to the 0.65930 level of significance. The market has already retested this level twice, and the price is now advancing on the daily chart. The candlestick has also retested the middle level of the Bollinger Band indicator as the advancement continues.
NZDUSD Short Term Trend: Bullish
The bulls are now progressing upward on the 4hr chart time frame. The price is expected to advance upward following the price retest. The momentum indicator shows the price signal is also moving upward in the market, as we expect price distribution to reach the 0.68580 significant level.
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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.
