- February 16, 2021
- Posted by: cabana-admin
- Category: forex trading
General overview: The pair is making bullish sentiments towards the higher side in the market. The bulls are seeking to break the strong support in the chart. The bulls are creating strong buy signals in the chart. The bulls are forcing the market to create a positive buy-side in the market. The price is above the 21-Day EMA which acts as a dynamic. Alike all major currency pairs, NZDUSD also benefits from the broad US dollar weakness during the early Tuesday. The pair is in a range-bound position and an uptrend can be expected. The pair gives benefit to investors as the buyer attacking an upward sloping resistance line in the market. The pair creates an upwards slope in the market. However, the pair struggled to preserve its bullish momentum and erased its daily gains.
Technical analysis: From the technical point of view we can say that market sits towards the buy-side in the market. On the 4 hourly charts, we can see that market creates higher swings in the market. The bullish candlesticks formed in the chart. The bulls are favoring the market and step head towards the north side in the market. The pair above the moving averages line and create a strong confirmation for the buy-side in the market. The pair are taking support from the EMA lines and getting a bullish hold in the market. On the daily chart also the market creates the buy-side view in the market. The indicators are also supporting the market and RSI leads above the 50 levels and create the buy-side in the market as well as MACD also rise above zero levels in 4 hourly charts and provide strong buy-side call for positional basis. The support will be 0.7189 followed by 0.7139 and resistance 0.7290 followed by 0.7240.
Trade idea: Our traders sit towards the buy-side at level 0.7239 and target will be 0.7309 and 0.7349 and stop loss will be 0.7159.
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