ðĨ NZD/USD Buyers' Strength ðĨ
ðĨ NZD/USD Buyers' Strength.
ðĨ Nearest strong support zone: the area around the last bottom of the downward correction.
ðĨ Nearest strong resistance zone: around the last peak of the upward wave.
ðĨ Technical environment:
- Moving averages: Uptrened
- MACD: Downtrend
- RSI: Uptrend
- Supertrend: Uptrend
ðĨ Price action: NZD/USD nicely showed strength during the last session on Friday last week. It is apparent that the bulls are not letting up and the trend of a weakening dollar is still present in the market. The New Zealand dollar has plenty of space to rise from current price levels, looking at the size of the upward candle and the correlation with other major dollar pairs. My impression is that the first significant resistance will be around the recent highs. The most important question the market is asking at this point is "is this the end of the downward correction on this pair".
ðĨ The scenario I am playing out is a continuation of the increases to the vicinity of the recent peaks. I don't exclude the possibility of changing the scenario if the market situation changes abruptly. I'm aware of the possibility of a correction at any time, this should be taken into account, If the outlook changes I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.
ð If you appreciate my work and effort put into this post then I encourage you to leave a like and give a follow on my profile. ð
ðĨ Nearest strong support zone: the area around the last bottom of the downward correction.
ðĨ Nearest strong resistance zone: around the last peak of the upward wave.
ðĨ Technical environment:
- Moving averages: Uptrened
- MACD: Downtrend
- RSI: Uptrend
- Supertrend: Uptrend
ðĨ Price action: NZD/USD nicely showed strength during the last session on Friday last week. It is apparent that the bulls are not letting up and the trend of a weakening dollar is still present in the market. The New Zealand dollar has plenty of space to rise from current price levels, looking at the size of the upward candle and the correlation with other major dollar pairs. My impression is that the first significant resistance will be around the recent highs. The most important question the market is asking at this point is "is this the end of the downward correction on this pair".
ðĨ The scenario I am playing out is a continuation of the increases to the vicinity of the recent peaks. I don't exclude the possibility of changing the scenario if the market situation changes abruptly. I'm aware of the possibility of a correction at any time, this should be taken into account, If the outlook changes I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.
ð If you appreciate my work and effort put into this post then I encourage you to leave a like and give a follow on my profile. ð
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