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NZDUSD Price Analysis – August 9
NZDUSD breaks and retests its descending triangle to confirm bullish market tendencies. The market has been tapering down its triangle formation for the past two and a half months. During this period, there was a tough battle for supremacy between buyers and sellers, and the market could have gone either way. To this effect, the market experienced premature piercings at the upper and lower borders by long and sharp daily candle wicks.
Resistance Levels: 0.74600, 0.73000, 0.71300
Support Levels: 0.69400, 0.67800, 0.66000
NZDUSD Long Term Trend: Bullish
The 0.69400 support has been very influential in keeping price in favor of the bulls. The price support level forms a larger consolidation zone with 0.73000 acting as the barrier to the upside. NZDUSD has been undulating within this range since last year, with the market taking turns spending time on the upper and then the lower half of the confinement. By the 16th of June, the market had dropped to the lower half and began forging into a descending triangle.
Eventually, bulls popped the market to the upside of the triangle and it breaks out. Price has now turned back. It retests the upper border of the triangle in a bid to shoot higher. The MA period 10 (Moving Average), which has hitherto been moving along a straight part, has bent itself upwards to acknowledge the market’s change in direction. The blue line of the Stochastic Oscillator, which plunged at the oversold mark, has bent upwards at the tip as the market for a spring up.
NZDUSD Short Term Trend: Bullish
Bulls are currently on the prowl with the price trading at around 0.70179. A long bullish candle can already be seen on the 4-hour chart bouncing up from the upper border of the descending triangle. The Stochastic Oscillator presents a very enticing long position for traders. Its signal lines, which show speed and market momentum, are just pushing up out of the oversold region.
A continuation of bullish momentum will lift the market to 0.71300 with the prospect of eventually reaching 0.73000.
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