NZDUSD Bulls Target Major Resistance Zone
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NZDUSD Bulls Target Major Resistance Zone

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Azeez Mustapha

Updated:

Market Analysis – August 12

The NZDUSD price has surged from the demand level of 0.5860 to challenge the significant resistance zone at 0.6030. This ascent has been supported by a test of the bullish trendline at 0.5860.

Key Levels for NZDUSD

  • Demand Levels: 0.5860, 0.5770, 0.5520
  • Supply Levels: 0.6200, 0.6320, 0.6500

NZDUSD Bulls Target Major Resistance Zone NZDUSD Long-Term Trend: Bearish

The 0.6030 zone has been pivotal in recent trading, acting alternately as resistance and support. Prior to the recent drop to 0.5860, the price briefly stalled at 0.6030, forming a bearish order block. This order block is likely to pose resistance to further price increases from 0.5860.

The recent rise above the Smoothed Heikin Ashi candles suggests a potential trend reversal. However, the Stochastic indicator indicates an overbought market, signalling a possible decline. In such cases, confirming the market structure is crucial. Traders may benefit from waiting for additional indicator signals while using market structure confirmation to enhance the accuracy of forex signals. While reducing the number of setups, this approach can improve the win rate.

NZDUSD Bulls Target Major Resistance ZoneNZDUSD Short-Term Trend: Bullish

In the short term, the market structure remains bullish. It is advisable to await a Change of Character (ChoCh) confirmation before considering a bearish reversal. Although waiting for confirmations may result in missed entries compared to directly shorting at supply zones, it improves the risk-to-reward ratio. Traders should tailor their strategy to align with their personal trading style and risk tolerance.

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