The NZDUSD currency pair has experienced a significant bullish breakout from a bullish channel this month. The price continues to soar, driven by strong buying interest, as it heads towards a region of market inefficiency.
After consolidating from December to March within a gentle slope bullish channel, NZDUSD broke out strongly. The Moving Averages (periods 9 and 21) that had dominated the daily candles previously now rest below the daily candles, confirming the bullish trend. The Hull Butterfly Oscillator now shows a bullish momentum, further supporting the upward trend.
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The bullish trend is expected to continue, driven by strong buying interest and favorable market conditions. As the price continues to move upwards, traders will be looking for potential areas of resistance to determine the trend’s strength and potential reversal points.
NZDUSD Short-Term Trend: Bullish
Following the push above 0.5869, the price is ascending through a bullish channel on the 4-hour chart. The price is closely supported by the Moving Averages periods 9 and 21. The price is driving towards a region of market inefficiency between 0.6300 and 0.6200, denoted by a Fair Value Gap (FVG).
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The Fair Value Gap is a significant area of interest for traders, as it represents a potential zone of buying or selling activity. The best forex signals usually utilize arrays such as the FVG to mark out areas of entry and exit.
NZDUSD Short-Term Trend: Bullish
NZDUSD Short-Term Trend: Bullish
