NZDUSD Pulls Back to Seek Support for Uptrend

Market Analysis – September 10

NZDUSD surged past the previous swing high of 0.6220, marking a bullish break of structure. Following this rise, the pair retraced to the 0.6170 bullish order block on the daily chart, seeking support to sustain its uptrend. This area of interest is crucial for buyers to maintain momentum, as the broader trend still leans bullish despite short-term pullbacks.

NZDUSD Key Levels:

• Demand: 0.6170, 0.6080, 0.5870
• Supply: 0.6300, 0.6370, 0.6510

NZDUSD Long-term Trend: Bullish

The test of the 0.5870 support level on the daily chart triggered a strong bullish reversal. The Moving Average (MA) crossover—where the 15-period MA moved above the 30-period MA—confirmed the uptrend’s continuation, reinforcing the bullish market structure.

After a 7.68% rally, a swing high emerged, causing a price pullback. Although the price has dipped below the 15-period MA, it remains above the 30-period MA, indicating that the market is still trending upwards. This retracement offers potential entry points for buyers looking to take advantage of the dip.

NZDUSD Short-term Trend: Bearish

On the 4-hour chart, a short-term downward trend is evident, with the 15 and 30-period MAs showing bearish dominance. However, the Williams Percent Range (W%R) indicates oversold conditions on both the daily and 4-hour timeframes. A shift in market structure on the 4-hour chart is anticipated, potentially signalling a bullish reversal, which could present the best forex signals.