NZDUSD Bears Are Making a Pullback as the Bullish Market Continues
Login

NZDUSD Bears Are Making a Pullback as the Bullish Market Continues

Estimated Reading Time: 3 minutes

Azeez Mustapha

Updated:

NZDUSD Price Analysis – August 29

NZDUSD bears are making a significant pullback as the market is rallying upward. Before breaking out, the price initially broke through the 0.70200 resistance key level. However, the market entered a bearish trend after breaking through the major key levels of 0.69500 and 0.69000. Following that, the price reversed at the 0.68000 support key level, implying a bullish market.


NZDUSD Significant Zones

Resistance Level: 0.70200, 0.69500
Support Level: 0.69000, 0.68000

NZDUSD bears are making NZDUSD Long Term Trend: Bullish

The market then continued to rise, breaking past old resistance levels before retesting the 0.69500 key level. NZDUSD then continued to rise towards 0.70200. Price will either break through this level before retesting, or a pullback will occur around this level. This suggests that the market will have a short-term downtrend before the bullish momentum resumes. On the daily chart, the Parabolic SAR (Stop and Reverse) displays downward trend dots. This demonstrates that the market’s general tendency is bearish, despite prices rising upward.

However, the MACD (Moving Average Convergence and Divergence) indicator shows an increase in the green histogram. This indicates that the bullish market is still in command. Below the zero level, there appear to be crossovers between the signal lines and the moving average. This also accurately describes a bullish market scenario.

NZDUSD Short Term Trend: Bullish

On the 4-hour chart, the price retested the 0.69500 key level many times. As a result of this accumulation, the market then went higher towards the 0.7200 level. However, there are price responses around this level. NZDUSD may either break out and then fall back, or it may plummet and then pull back.
NZDUSD bears are making 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.

You can purchase crypto coins here: Buy coins

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News