NZDUSD Attempts a Bullish Breakout
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NZDUSD Attempts a Bullish Breakout

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Azeez Mustapha

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Market Analysis – November 7

NZDUSD attempts a bullish breakout from a falling wedge. The current price surge from the demand level of 0.5750 threatens the resistance trendline that forms the falling wedge.

NZDUSD Market Zones:

Demand Zones: 0.5750, 0.5800, 0.5860
Supply Zones: 0.6040, 0.6230, 0.6400

NZDUSD Attempts a Bullish Breakout

NZDUSD Long-Term Trend: Bearish

The major highs and lows established since June have formed a falling wedge on the twenty-four-hour chart. The price rallied above the relative equal highs of 0.6400 to create a false breakout. The liquidity resting above the highs was been utilized to engineer a new bearish trend. The market crashed with a steep slope to the support level of 0.5860.

NZDUSD consolidated from August into early October. Once again the market manipulation was observed with the price running to 0.6040 above the consolidation range to engineer a new bearish break of structure. The Stochastic indicator signaled the fall in price. The Oscillator lurked in the overbought region when the price was at 0.6040.

NZDUSD Attempts a Bullish Breakout

NZDUSD Short-Term Trend: Bullish

On the daily chart, three white soldiers appeared from the support level of 0.5800. The momentum of the price surge is very strong as seen in the indicator phase below. NZDUSD attempts a bullish breakout. The price is already pushing above the resisting trend line of the falling wedge. The price is expected to reach the closest resistance of 0.6040.

 

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