NZDUSD Fails to Make Any Significant Moves Over the Past Trading Week

NZDUSD Price Analysis – October 11

NZDUSD fails to make any significant moves over the past trading week. Price remains in a bearish territory within the weekly support zone. An undulating movement sees the market touch down on the support at 0.68650 by the end of September. Following that, the price bounced back up to the 0.69910 resistance, where it failed. Price then dropped back to around 0.68650 on Wednesday last week. The market is making efforts to rally again.

NZDUSD Critical Zones

Resistance Levels: 0.69910, 0.70570
Support Levels: 0.69510, 0.68650

NZDUSD Long Term Trend: Bullish

NZDUSD has continued its cranking movement between significant levels. Price rose to 0.71560 on the 3rd of September, where it was rejected. Subsequently, the market fell to 0.68650, where price has failed to make any significant movement. The market is currently trading around 0.69294 and remains bullish in outlook. However, NZDUSD is struggling to break upward of the 0.69510 key level and NZDUSD remains generally indecisive.

In previous cases, we have seen price pushed up from this support zone, and this is likely to work again in the bulls’ favour. The RSI (Relative Strength Index) indicator shows the market has been under the dominance of the bears at 42.45, but the tip of the signal line is now facing upward, which shows that buyers may have started working on the market. The Parabolic SAR (Stop and Reverse) echoes this sentiment by placing three dots already below the daily candles to signify price reversal.

NZDUSD Short Term Trend: Bullish

On the 4-hour chart, NZDUSD had made a steady rise into the 0.69510 key zone, but it fails to get past it. However, bullish momentum is building, and price has retested the zone’s base for a second attempt at breaking through the level. The RSI indicator shows its signal line reacting along the mid-level line of 50 to show the bulls trying to wrest power off the sellers. The Parabolic SAR further confirms upward movement. If the price breaks out, the next level of achievement would be 0.69910.

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