NZD/USD: Bulls are heading at multi year’s fresh high.

Overview: The pair shows the value of the NEW ZEALAND DOLLAR against us dollar, telling the traders how many USD are needed to buy NZD. The NZD/USD creates a fresh high this month. US Economy spark a bullish reaction in the greenback and the exchange rate may consolidate over the coming days the RSI appears to be in the bullish territory. NZD/USD snaps the higher high this week and lows are carried over from the last week as the purchasing manager index for US manufacturing improves in November. The bullish US Dollar reaction to the data could indicate expectations towards the bullish side. The pair is creating bullish momentum in the market and bulls are showing their aggression towards the positive volatility in the market. The market showing exhaustion in a bullish trend and creating high from support level 0.6750 the pair with the indicator creating an upward trend in October.

Technical Analysis: According to the technical facts pair is creating the monthly high. NZD/USD pair is crawled upwards calmly, waiting to rise to surpass 0.7000 to confirm opening the way to head towards the north side. Generally, the bullish trend will remain valid and active for the upcoming period supported by the 50 EMA. On the daily chart, we can say the market is forming the upper swings in the market. The price pattern and the indicator both are supporting the market and creating a bullish pattern in the Pattern. All the major lines EMA are rising above the SMA lines. On the 4 hourly charts, we can say we also see the market is in uptrend form and the market is also forming the bullish marabuzo stick which is showing the strong bullishness in the market. The RSI is also above the 50 levels which is creating strong bullishness signals and MACD is also creating the buy signals in the market as it is above the zero line. The current status of pair is 0.6967 and the support level is 0.6817 followed by 0.6717 and the resistance is 0.7066 followed by 0.7146 .

Trade idea: According to the above studies we can say that buyers are taking the profit in the market. they can buy at level 0.6970 target will be 0.7120 followed by 0.7220 and stop loss will be 0.6820.

 

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