Great breakout on the NZDUSD above its resistance at the 0.6883 level to reach a high at the 0.6968 level, which has acted as resistance. On the daily chart we can see the formation of a shooting star, which is a bearish reversal pattern. Therefore, the pair may drop to the 0.6883 level, which could act as support after being resistance.
Are you also looking at the 1D?
On the daily chart, the NZDUSD confirms a shooting star formation around the 0.6968 level and goes back down below the 0.6883 level. Regardless of the pullback, the bullish trend is still in place, but to the downside, the 200 day EMA at the 0.6787 level could act as support. Another possible scenario is that the pair may stay consolidated around the 0.6883 support/resistance zone.
The NZD/USD has been acting very technically, with very interesting price action around its 200 day EMA (blue line) around the 0.6790 level. The pair peaks at the 0.6969 level as shown on the daily chart and bounces to the downside, towards the 200 day EMA, which may act as support. Even if the price breaks below the 200 day EMA, the 55 day EMA at the 0.6764 level could also act as support. Below the 55 day EMA, the pair has the road clear to fall to the 0.6500 zone. On the other hand, if the price bounces to the upside from the 200 day EMA, then the 0.6969 level could act as resistance and above that level, its next resistance could be the 200 week EMA at the 0.7107 level.
Hammer on the NZD/USD. The hammer formation is a bullish reversal pattern, which is confirmed when the next candle is bullish. The hammer formation works better around the most relevant support areas. The most important thing about the hammer formation is that the lower shadow should be relatively longer. The long lower shadow is telling us that the bulls are taking control of the market. On the daily chart of the NZD/USD we can see a hammer formation around the 55 and 200 day EMAs at the 0.6790 zone. If the next daily candle closes higher, then the pair may try to visit the peak at the 0.6969 zone. On the other hand, if the pair breaks below the 55 day EMA and continues lower, the price has the road clear to visit the 0.6500 zone.
Yep. Back on this pair. Will go long this week!
The NZDUSD has been very undecided around the 61.8% Fibo on the daily chart at the 0.6825 level, which has been acting as resistance. To the downside, the 200 day EMA along with the 50% Fibo at the 0.6781 level could act as support. If the pair continues higher, then the 76.4% Fibo at the 0.6880 level could act as resistance.
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The NZDUSD is stuck once again around the 61.8% Fibo at the 0.6825 level where it consolidates. From the current position, the pair may find some resistance around the 76.4% Fibo at the 0.6880 level.