NZDUSD Begins to Ascend After Retracement
Login

NZDUSD Begins to Ascend After Retracement

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

Market Analysis – January 1

NZDUSD begins to ascend after a retracement. The short-term retracement sees an end as the uptrend resumes in the daily timeframe. The market has bounced off the $0.620 support level.

NZDUSD Key Levels

Supply Levels: 0.7000, 0.6570, 0.6450
Demand Levels: 0.6200, 0.6000, 0.5600

NZDUSD Begins to Ascend After Retracement

NZDUSD Long-term Trend: Bullish

The NZDUSD price declined steadily till the support level of $0.5600 was reached. The market was well oversold, as indicated by the RSI (Relative Strength Index). The Moving Averages (periods nine and twenty-one) also crossed to confirm the initiation of a new trend. The market soared with the aid of bullish order blocks. The market reached 0.6450, and the bulls pushed no further. The RSI indicated an overbought market. This led to a decline in the market. The daily candles fell out of the ascending channel.

The retracement caused the market to decline to the previous valid order block (OB). The OB at the 0.6200 support level appears to hold. The daily candles bounced on the OB. This has prompted a rise in the price.

NZDUSD Begins to Ascend After Retracement

NZDUSD Short-term Trend: Bullish

On the lower timeframe, the market has experienced a bullish shift in market structure. An ascending trend-line appears to guide the market back to the previous resistance level at 0.6450.

Do you want to take your trading to the next level? Join the best platform for that here 

 

  • 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