Market Analysis – July 11
The NZDUSD currency pair has experienced a remarkable surge, soaring from its previous discount price observed during the last bullish swing, and it is now approaching the previous highs recorded on the daily chart.
NZDUSD Key Levels
Demand Levels: 0.6100, 0.5900, 0.5800
Supply Levels: 0.6250, 0.6400, 0.6500
NZDUSD Long-term Trend: Bullish
Taking a closer look at the daily candles, it becomes evident that they have encountered the upper boundary of a parallel channel, which is currently acting as a formidable resistance level to the ongoing ascent. This resistance presents a significant challenge for the currency pair, as it attempts to surpass the previous highs and continue its upward trajectory.
Analyzing the technical indicators, the Relative Strength Index (RSI) reveals a bullish market sentiment, indicating that the buying pressure remains strong. However, caution is warranted as the Williams %R (Percent Range) indicator has already signaled that the price is overbought.
NZDUSD Short-term Trend: Bullish
Zooming in on the 4-hour chart, the market structure continues to exhibit a bullish bias, with no visible signs of a reversal. Traders are eagerly watching for any shifts in momentum or changes in the market structure that could confirm a potential reversal.
The critical factor to monitor is the break of the resistance trendline, as a decisive breach would serve as confirmation of a new bullish trend. On the other hand, if the price fails to breach the resistance and reverses, it could indicate a continuation of the bearish trend.
Do you want to take your trading to the next level? Join the best platform for that here
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.