NZDUSD Price Ascent Reaches 0.6180

Market Analysis – May 28

NZDUSD is currently experiencing its second significant market trend of 2024. The year began with a bearish reversal, but a new bullish wave is now in progress. The price has reached another key resistance level at 0.6180.

NZDUSD Key Levels:

• Demand Levels: 0.6080, 0.6000, 0.5860
• Supply Levels: 0.6180, 0.6290, 0.6360

NZDUSD Long-Term Trend: Bullish

The NZDUSD downward trend adhered closely to the bearish trendline on the 24-hour timeframe chart. Pullbacks consistently paused at the trendline, continuing the downtrend.  A significant break of the trendline this month signalled a bullish reversal.

Before the break of the trendline on the daily chart, the market formed a double bottom, a bullish reversal pattern. Additionally, the MACD (Moving Average Convergence Divergence) indicated the market was oversold, further supporting the potential for a reversal.

NZDUSD Short-Term Trend: Bullish

The short-term trend for NZDUSD is bullish. A triple-bottom bullish reverse pattern formed at 0.6080 on the four-hour chart to continue the uptrend. Supported by the 9-period Moving Average, price candles have successfully breached the 0.6080 resistance level. Following this breakout, the former resistance level has acted as support, propelling the market to the current resistance at 0.6180. The next target for bullish momentum and the best forex signals will likely be the resistance level at 0.6290.

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