NZDUSD Technical Analysis – 05th SEP, 2024
NZDUSD – Bullish Trend Reversal Pattern
NZDUSD was unable to continue its bearish momentum and after touching a low of 0.6176 the prices started to rise upwards against the United States Dollar in the European Trading session today.
We can see Bullish trend reversal: adaptative moving average 50 in the 2-hourly timeframe.
The Parabolic SAR indicator bullish reversal is seen in the 2-hourly timeframe.
We have also detected Bullish price crossover with adaptative moving average 100 in the 4-hourly timeframe.
We can see Aroon indicator bullish trend in the 4-hourly timeframe.
The Horizontal resistance is broken in the daily timeframe.
The Resistance of channel is broken in the weekly timeframe.
We have also detected Moving Average bullish crossovers: MA20 & MA50 in the weekly timeframe.
NZDUSD is now trading above its 100-hour SMA and below its 200-hour SMA simple moving averages.
• Kiwi Bullish reversal seen above the 0.6176 mark.
• Short-term range appears to be Mild Bullish.
• NZDUSD continues to remain above the 0.6200 levels.
• Average true range ATR is indicating Less market volatility.
The next resistance is located at 0.6224 which is a Price 1 Standard Deviation Resistance.
NZDUSD is now trading above its Pivot levels of 0.6216 and is moving into a Mild Bullish channel.
The price of NZDUSD remains above its Classic support levels of 0.6195 and is now moving towards its next target of 0.6234 at which the Price Crosses 9 Day Moving Average Stalls.
Disclaimer: This analysis represents my own opinion only. It is not to be construed as an opinion, offer, solicitation, recommendation, or financial advice of the Companies operating under the FXOpen brand.