For sometime now the NZDUSD price has been forming a reversal pattern since last month. The pair did find major support at the level 0.67930. Now its forms Bullish price action of a continuation trend. We previously analyzed the pair when it was breaking its long term bullish trend line. We saw price forming a deep pullback in the past previous market sessions. Here is the link for the previous analysis. https://fxsits.com/the-nzdusd-currency-pair-forms-reversal-pattern/
In Todays analysis we see how the pair finds resistance at level 0.73158. The NZDUSD price is currently trading below this level. In the chart you may notice how price now ranges in between support level 0.71054 and resistance level 0.73158 . Our analysts believe that we may see price retrace back to level 0.71054. Possibilities are price could break this major support level 0.69434. Thus this will leave this level exposed and also act as our new support level .
However, if we see price move bullish and break past resistance level 0.73158. Probabilities are that level 0.74622 will be our next resistance level where price could hold . Level 0.73158 currently acts as our resistance now will be our new support.
Attached, are both the daily and H4 chart for your understanding and reading. We at FXSITS hold strong bullish belief of this price action in the up coming months /weeks. The dollar is devaluing because of inflation fears. We shall be updating on the price action movement of the said pair and how to trade and profit from it in the up coming market sessions.
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