- January 25, 2021
- Posted by: cabana-admin
- Category: forex trading
General overview: The bulls are again back in the control and retesting the critical level of market resistance. The bulls are already holding the market and setting the bullish view for the investors after the short bearish breakout the market setup towards the positive momentum in the market. The chart remains bullish for the upside extension in the market. The gain enough paired for the buying in the market. The resistance level looks like it may be the largest technical hurdle for Kiwi bulls to continue moving higher.
The weekly price action we can already see that market will be in the upside trend in the market, as is made swings towards the upward side in the market. Bulls are favoring the market as the market sets towards the north direction in the market. In the 30 minutes chart, we can see the breakout 0.6343 level and after that time the market takes the strong upward side gain in the market. As the pair is making Dragonfly Doji which denotes the buy-side in the market. By looking at all the time charts we can see that the market is showing a strong bullish side in the market.
Technical Analysis: Technically the chart is making buying side in the market. The market chooses itself towards buying side in the market. On the daily chart, we can see that pair is making the bullish overview as investors can go for the buy-side above 0.6400 level the bullish candlestick is framed on the chart. The minor EMA rises above the major SMA parts. The indicator is also supporting the market as RSI also rising above 50 level and creating buy signals as well as MACD also trying to maintain its level above zero lines. The odds are in favor of the bulls. The support level of the pair is 0.6317 followed by 0.6267 and the resistance level is 0.6426 followed by 0.6476.
Trade idea: We can conclude that the market sets towards the buy-side at the level above 0.6376 and the target will be 0.6526-0.6606 and the stop loss is 0.6276.
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