NZD/USD Analysis 27/9/21
This analysis includes the price movement of the New Zealand dollar against the US dollar on the weekly, daily, and four-hour frames, and expectations about the future movement and market direction
The New Zealand dollar against the US dollar on the weekly time frame is trading between the support area located at 0.68016 and 0.67668.
Its breakout will push this pair to trade near the prices of 0.65373.
The nearest resistance is at 0.71794.
On the daily time frame, we see the NZDUSD pair respecting the downward resistance line and heading downwards in the form of a channel.
The breakout of the resistance line at the price of 0.71709 will be an opportunity to head towards the second resistance line at the price of 0.73000.
In case of heading to the support line at 0.68016, we will wait for the bearish breach of the support line, or we will wait for confirmation to go long again.
On the four-hour time frame, the trend is bullish, and the reason is the breach of the price 0.70881. What does this price mean:
This price is the last correction that the market launched from, and it breached a previous low, which is called the lower high, and if it breaks out again and closes above it, this indicates a change of direction from bearish to bullish.
Using the Fibonacci tool from the last bottom on the left to the last top to find the support areas for the correction:
-The first support line is located at the price of 0.69437 (61.8% level).
-The second support line is located at the price of 0.68830. (level 78%).
-The third support line, is located at the price of 0.68485 (88% level).
Tags : NZDUSD