NZDUSD Holds Above the 0.71560 Key Level

NZDUSD Price Analysis – October 31

NZDUSD holds above the 0.71560 price level after it surges up. The market had plunged to the 0.68100 level on the 29th of September, but it immediately began a recovery above the level. Price climbed into the 0.69510 critical support zone and holds above its lower border. After six trading days of accumulating, NZDUSD surges upward with consecutive bullish candles to reach above 0.71560.

NZDUSD Key Levels

Resistance Levels: 0.72570, 0.73200
Support Levels: 0.69510, 0.71560

NZDUSD Long Term Trend: Bullish

Buyers are currently running the market, having broken to the upside of the 0.71560 transition zone. They have also taken the next step in the bullish agenda by ensuring that the price holds above the level. This is the second and only successful time that buyers have crossed the transition zone since the dump of the market from the upper consolidation zone on the 16th of June. The first time was when price rallied from 0.68100, though the bullish ride was overturned below 0.71560.

Having successfully broken to the upside of the transition zone, the market is resisting the bearish pull by holding above the level. This has been ongoing for the past nine trading days as buyers take a breather. The Elders Force Index has its power line in the positive divide, which shows that despite the lack of volatile market movement, buyers have more strength in the market. The Parabolic SAR (Stop and Reverse) is strongly bullish-ward with several dots below the daily candles.

NZDUSD Short Term Trend:

The 4-hour chart shows the market fluctuating above the 0.71560 zone. The Parabolic SAR displays alternating dots above and below the candles to this effect. In doing so, buyers are warding off bearish pressure as they gather and store up momentum to drive the market further upward. The Elders Force Index, which is still above the zero level, shows that buyers still have the upper hand in the market. NZDUSD is expected to push upward to try to break 0.72570 before going further.

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