NZDUSD Finds Market Support at the 0.7000 Halfway Line

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 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 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.

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