NZDUSD Remains Bullish as Buyers Keep Storming the Market

NZDUSD Analysis – December 3

NZDUSD remains bullish as buyers keep storming the market with more buy orders. The bounce of the major trendline in early November caused the bears to exit the market. Following the CHoCH, the market has remained in an upward trend, with prices heading to the $0.64100 major high.

NZDUSD Key Levels

Demand Zones: $0.57100, $0.54300
Supply Zones: $0.60800, $0.65400

NZDUSD Long-Term Trend: Bullish

The resistance to the buying pressure at $0.65400 in February 2023 led to a massive decline in the value of the NZDUSD. According to the MA Cross, the decline emerged almost immediately, causing a swift response among the bears. Typically, until August 2023, the trading range of the market did not exceed the $0.65400 resistance and the 0.59900 price level. Apparently, the price struggled to surge beyond the 62.00% Fibonacci retracement level.

Owing to the minor resistance at 62.00% of the Fibonacci retracement level, a relatively equal high formed at $9.63800. The high at the $9.63800 price level remained valid until an aggressive rally occurred in July 2023. A new high formed at $0.64100 as the bears eventually returned, causing a massive decline into the discount zone. Followed by the BOS (Break of Structure) at $0.58600, NZDUSD bounced off the major trendline. The bounce led to the ongoing uptrend, which was confirmed after the change of character at $0.60600.

NZDUSD Short-Term Trend: Bullish

NZDUSD remains bullish on the four-hour chart as the price keeps invalidating previous highs. According to the MACD (Moving Average Convergence Divergence), the bulls remain clearly active in the market. The price is expected to keep expanding upward until the $0.64100 major high is breached.

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