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Market Analysis – February 28
NZDUSD breaks out of a temporary bearish phase in the latest market analysis. The NZDUSD demonstrates a departure from its short-lived bearish trajectory. Initially, the market exhibited a bullish inclination until encountering a notable peak at the 0.63650 supply level. The subsequent rejection at this juncture led to a temporary downturn in price, characterizing a short-lived bearish phase.
NZDUSD Key Levels
Demand Zones: 0.61130, 0.60000
Supply Zones: 0.62700, 0.63650
NZDUSD Long-Term Trend: Bullish
The transient bearish movement suggests a necessity for liquidity to facilitate upward price movement. As prices decline, liquidity is drawn out until reaching the bullish order block. Despite repeated testing, the price fails to breach this block, signaling the conclusion of the bearish phase and initiating a renewed bullish trend.
Furthermore, the Moving Average aligns with the bullish sentiment, with the current price positioned above it. A pattern resembling a bull flag formation emerges, providing additional validation for the bullish bias. Expectations lean towards a continued upward trajectory, potentially surpassing prevailing supply levels.
NZDUSD Short-Term Trend: Bullish
NZDUSD Short-Term Trend: BullishIn the 4-hour timeframe, a bullish stance is evident as the price recently breached the resistance of the bearish trend line. However, there is an open Fair Value Gap expected to be filled, indicating a probable retracement. Moreover, the Relative Strength Index approaching oversold territory at 30.0 reinforces the bullish outlook for buying forex signals.
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