NZDUSD Breaks Out of a Temporary Bearish Phase
Login

NZDUSD Breaks Out of a Temporary Bearish Phase

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

Azeez Mustapha

Updated:

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 Breaks Out of a Temporary 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 Breaks Out of a Temporary Bearish PhaseNZDUSD Short-Term Trend: Bullish

In 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.

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