NZDUSD Bulls Attack the 0.6450 Supply Level

NZDUSD Analysis – December 12

NZDUSD bulls have been very aggressive since they took advantage of the $0.5600 level to create a market reversal. The bearish trend halted in October, at the exhaustion of the bears.

NZDUSD Significant Zones

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

NZDUSD Long-Term Trend: Bullish

The Moving Averages (periods nine and twenty-one) crossed to signify a new bullish trend. The Moving Averages have supported the uptrend since the cross at the demand level. The daily candles have closed above the Moving Averages period twenty-one.

The force of the NZDUSD Bulls invalidated the bearish trend line at the third touch. The market is currently at the 0.6450 supply level.

NZDUSD Long-Term Trend: Bearish

The bullish trend is more distinct on the four-hour chart, with higher highs and higher lows leading up to the 0.6450 supply level. The Stochastic is showing the market is overbought. This might prompt a retracement towards 0.6200 to gather momentum to continue pushing upwards.

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