NZDUSD Retests a Significant Level; Price Is Poised to Continue Rising.

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NZDUSD Price Analysis – October 4

NZDUSD retests a key level as it makes a reversal back upwards. The market had fallen to the support at 0.69910, in which price retests the level a couple of times before dashing through it downward. The intensity of price drop also allowed the market to easily bypass the 0.69510 and 0.69170 levels. However, on getting to the 0.68650 key level, NZDUSD was forced to reverse as bulls stepped into the market. Price now faces the major task of breaking through the 0.69510 resistance.

NZDUSD Key Zones

Resistance Zones: 0.69510, 0.69910, 0.70570
Support Zones: 0.69170, 0.68650, 0.68100

NZDUSD Long Term Trend: Bullish

Price embarked on a bullish spree after it touched down at 0.68100. The market then retests the 0.69510 and 0.69910 key levels on its way upward. Eventually, after climbing to the 0.71560 price level on the 3rd of September, NZDUSD was rejected. Price, however, remained below the 0.71240 key level, where it kept trying to punch its weight. After a short period of persistence, NZDUSD began a swift decline.

The market found temporary support at 0.69910, before dropping further till the market fell to and reversed at 0.68650. The bulls have regained the market and are trying to push it up. The market faces a major obstacle at 0.69510. The Stochastic Oscillator is in support of the upward movement of price though, as it has made an upward cross from the oversold region, meaning a price increase is imminent.

NZDUSD Short Term Trend: Bullish

On the 4-hour chart, as the market climbs up, it retests the 0.69170 level before breaking through it upward. Price has now hit a stiff barrier at 0.69510 to prevent it from going up. However, the MA period 10 (Moving Average) has aligned itself below the 4-hour candles to act as support. The Stochastic Oscillator, though, has crossed downward in the overbought zone. This just signals that the market will retrace, probably to 0.69170 before it resumes its rally.

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