The NZD/USD currency pair shows bullish sentiment, supported by the prevailing uptrend. Recent intraday price action indicates a breakout above a period of sideways consolidation, moving toward the previous resistance level.
Key Levels to Watch:
Key Support: 0.5730 (previous consolidation range)
Immediate Resistance: 0.5806
Higher Resistance Levels: 0.5840, 0.5860
Downside Support Levels: 0.5700, 0.5680
Bullish Scenario:
A corrective pullback toward the 0.5730 level, followed by a bullish bounce, could reaffirm the uptrend and target the immediate resistance at 0.5806. Sustained bullish momentum could further push the pair toward 0.5840 and ultimately 0.5860 over the longer timeframe.
Bearish Scenario:
A confirmed breakdown below the 0.5730 support level, along with a daily close beneath this mark, would negate the bullish outlook. This would open the door for a deeper retracement toward the next support levels at 0.5700 and 0.5680.
Conclusion:
While the overall sentiment remains bullish amid the prevailing uptrend, traders should closely monitor the 0.5730 level for signs of a bullish continuation or a potential bearish breakdown. A sustained close below this level would signal caution and shift the focus to lower support zones.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Key Levels to Watch:
Key Support: 0.5730 (previous consolidation range)
Immediate Resistance: 0.5806
Higher Resistance Levels: 0.5840, 0.5860
Downside Support Levels: 0.5700, 0.5680
Bullish Scenario:
A corrective pullback toward the 0.5730 level, followed by a bullish bounce, could reaffirm the uptrend and target the immediate resistance at 0.5806. Sustained bullish momentum could further push the pair toward 0.5840 and ultimately 0.5860 over the longer timeframe.
Bearish Scenario:
A confirmed breakdown below the 0.5730 support level, along with a daily close beneath this mark, would negate the bullish outlook. This would open the door for a deeper retracement toward the next support levels at 0.5700 and 0.5680.
Conclusion:
While the overall sentiment remains bullish amid the prevailing uptrend, traders should closely monitor the 0.5730 level for signs of a bullish continuation or a potential bearish breakdown. A sustained close below this level would signal caution and shift the focus to lower support zones.
This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.