The NZDUSD currency pair is displaying bullish sentiment, underpinned by the prevailing uptrend. The recent intraday price action indicates a corrective pullback toward a previous resistance zone, which has now formed new support. This pattern suggests that the pair is consolidating before potentially resuming its upward momentum.
Key Trading Levels:
Support Level: The critical support level to watch is 0.5720, marking the previous consolidation price range.
Upside Targets: A corrective pullback from current levels, followed by a bullish bounce from the 0.5720 level, could lead to a rally targeting the resistance levels at 0.5800, followed by 0.5830 and 0.5870 over a longer timeframe.
Alternative Bearish Scenario:
A decisive break below the 0.5720 support level, accompanied by a daily close below this point, would invalidate the bullish outlook. This scenario could trigger further retracement, targeting the lower support levels at 0.5690, 0.5650, and 0.5585.
Conclusion:
The current sentiment remains bullish, with the 0.5720 level serving as a critical pivot point. A successful bounce from this support could reinforce the uptrend and prompt bullish continuation. Conversely, a breakdown and close below this level would signal a potential shift to a bearish outlook, warranting caution.
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 Trading Levels:
Support Level: The critical support level to watch is 0.5720, marking the previous consolidation price range.
Upside Targets: A corrective pullback from current levels, followed by a bullish bounce from the 0.5720 level, could lead to a rally targeting the resistance levels at 0.5800, followed by 0.5830 and 0.5870 over a longer timeframe.
Alternative Bearish Scenario:
A decisive break below the 0.5720 support level, accompanied by a daily close below this point, would invalidate the bullish outlook. This scenario could trigger further retracement, targeting the lower support levels at 0.5690, 0.5650, and 0.5585.
Conclusion:
The current sentiment remains bullish, with the 0.5720 level serving as a critical pivot point. A successful bounce from this support could reinforce the uptrend and prompt bullish continuation. Conversely, a breakdown and close below this level would signal a potential shift to a bearish outlook, warranting caution.
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.