- Analytics
- News and Tools
- Market News
- NZD/USD Price Analysis: Weekly M-formation in play, bulls look to 0.6950, bears to 0.6700
NZD/USD Price Analysis: Weekly M-formation in play, bulls look to 0.6950, bears to 0.6700
- NZD/USD bulls stepping in at critical daily support.
- Bulls will aim for a breakout of recent highs towards 0.6950.
- Bears seeking a break of the daily support are a retest of current lows near 0.67 the figure.
NZD/USD is attempting to correct to the upside and the following illustrates the M-formation's neckline on the weekly chart where bulls could be headed.
NZD/USD weekly chart, M-formation
Daily chart
The daily chart is a complex mix of choppy price action that could instead be thought of as accumulation. Buyers are building a portfolio of a position averaging out at the cheapest price possible.
However, given the strength of the recent sell-off, there is every possibility of a continuation of the downside still:
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
