NZDUSD Continues Its Back and Forth Movement in a Bearish Market

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NZDUSD Analysis – May 17

NZDUSD continues its back and forth movement in a bearish market. The price recently hit a solid impediment at the upper frame of its descending channel, which confluences with the 0.69460 resistance level. This resulted in a steep drop in price to a 2-year low of 0.62290. With this, the market completes another cycle of back and forth movement. NZDUSD is poised to continue that trend.

NZDUSD Key Levels

Resistance Levels: 0.69460, 0.68000
Support Levels: 0.62290, 0.62820

NZDUSD Long Term Trend: Bullish

The market has completed roughly four cycles of back and forth movement. The first cycle was the result of the attempt of the bears to suppress the price upsurge from 0.66060, which began on the 2nd of November 2020. Another cycle began at the end of March. But by this time, the price was already being confined to a downward trend despite the undulating movement in the market.

In the same vein as the first cycle, the second and third cycles followed, both making lower highs and lows. The fourth and current cycle began on the 26th of January, 2022, having a sharper upturn. After attaining 0.70360, the price drops, and momentum reverses (as seen on the Momentum Indicator). The currency pair then continues towards 0.62290.

NZDUSD Short Term Trend: Bullish

The 4-hour chart shows that the market is now engineering a reversal as prices are set to embark on a new cycle. Once again, the Momentum line is rising steeply to show bullish enthusiasm in the market. The price has also traded to the upside of the MA period 50 (Moving Average). A slight retracement is set to be followed by a further uptrend towards 0.65330.

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