NZDUSD Finds Market Support at the 0.7000 Halfway Line

16 November 2021 | Updated: 16 November 2021

NZDUSD Price Analysis – November 16

NZDUSD finds market support around the midway line of its consolidation zone. The market has been struggling to hold above the 0.71300 price line for a while, spanning up to 16 trading days. This happens such that price even dropped to the next support at 0.70900 but recovered in time to climb back to 0.71300. However, after much struggle, bears prevailed and have sunk NZDUSD back into the consolidation zone.


NZDUSD Key Levels

Resistance Levels: 0.70900, 0.71300, 0.72260
Support Levels: 0.7000, 0.69150, 0.68080

NZDUSD finds market supportNZDUSD Long Term Trend: Bullish

Despite the market’s downturn, the market is still in an uptrend, which began when price bounced off the support level at 0.68080 on August 20th, 2021. NZDUSD surged up with consecutive bullish candles till it got to 0.71300. Weakness at this level caused the market to slump with similar intensity till the price fell to 0.68800 and swiftly recovered above 0.69150. This represents a general higher low, and from there, price resumed its uptrend.

The second upsurge in the market helped it reach below 0.72260, where bullishness gets repressed. Increasing days came with an increasing downward pull and the market eventually dropped on the 10th of November. NZDUSD drops, however, to the middle line of its consolidation zone at 0.7000, where it is rallying upward again. The first task of the market will be to trade to the upside of the MA period 9 (Moving Average). The RSI (Relative Strength Index) is recovering towards its 50 mark to show that the price is on course to continue its uptrend.

NZDUSD finds market support NZDUSD Short Term Trend: Bearish

The bounce off 0.7000 represents a new higher low for the market as the NZDUSD seeks to maintain its general uptrend movement. Currently, on the 4-hour chart, price has been rejected mildly at the 0.70900 resistance. The RSI line is also attempting to climb above its 50 line after an initial failure.

The market could as well strengthen itself more at the confluence of 0.7000 and the uptrend line for another confrontation at 0.70900, which is predicted to lift it towards 0.72260 for yet another confrontation.

You can purchase crypto coins here: Buy coins

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.