- Analytics
- News and Tools
- Market News
- NZD/USD Price Analysis: Bulls testing a critical resistance area
NZD/USD Price Analysis: Bulls testing a critical resistance area
- NZD/JPY bulls are hard-pressed following poor growth data but could be on the verge of breaking the hourly resistance.
- New Zealand Q1 GDP -0.2 QoQ versus 0.6% expected, NZD/USD retreats towards 0.6250
- The bears will be lurking on any bull breakout.
NZD/JPY is testing the limits of the support and resistance channel on the hourly chart as follows:
A break of the resistance opens the risk of a trendline breakout and a run towards the price inefficiency between 84.82 and 85.23. There would be expected to be a fair bit of resistance thereafter which could potentially lead to a downside correction and even a full-on continuation on the higher time frames such as the following daily chart's illustration:
The price is accumulating and a retracement into the said target area meets the prior structure looking left, the break between the bull rally, and this would be expected to act as a resistance zone. This also has a confluence with the 38.2% Fibonacci retracements of the prior bearish impulse range that lead to a break of the trendline support.
© 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
