NZDUSD Traders Could Change the Price Set Up

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NZDUSD Analysis – December 4

NZDUSD traders could change the price setup as buyers are more likely to be opposed at the 0.64500 key zone. The buyers have been making a desirous effort to push the buying activity forward. However, based on technical analysis, the 0.64500 significant level has proven to be a vital level that may be difficult to penetrate. Nevertheless, if buying momentum increases, there are more possibilities of buyers breaking through in the coming days.

NZDUSD Key Zones

Resistance Levels: 0.64500, 0.69600
Support Levels: 0.60960, 0.55500

NZDUSD Traders Could Change the Price Set Up

NZDUSD Long-Term Trend – Bullish

The past few weeks have been a healthy run for the buyers of the currency pair. The bulls look so solid and ready to penetrate the market. Even as late as December 2022, buyers had actively begun their run. However, buyers are still optimistic about price recovery beyond the 0.64500 key zone. The buildup for a bullish moment began after selling efforts dropped to the 0.55500 key zone in October 2022. As the price prepared to break back into the descending channel, buying strength continued to extend forward.

At the end of November 2022, the buyers successfully broke over the upper level of the descending channel. The bulls are currently on their way back to the 0.64500 key zone. However, there could be a change in price order flow as prices continue to build up. The RSI (Relative Strength Index) has maintained its overbought streak as buyers continue to extend forward. However, the momentum indicator and the parabolic SAR (stop and reverse) indicator are still on the bullish side. This still implies that there is still hope for buyers to push further.

NZDUSD Traders Could Change the Price Set Up

NZDUSD Short-Term Trend: Bullish

The 4-hour chart shows a different picture, with sellers already threatening bearish action. The momentum strength is currently declining as the price is still trading close to the 0.64500 significant level. Sellers are currently fighting back to reduce market activity. Therefore, the NZDUZD could either drop lower due to difficulty buying at the 0.64500 key zone. However, an influx of bullish tendencies could help buyers surpass the 0.64500 key zone.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.