- August 3, 2021
- Posted by: cabana-admin
- Category: Market Insights
General overview: NZD/USD trades on a positive note in the early European session. Price comfortably placed over the 20-day SMA at 0.6992.Broader upward channel reflects the underlying bullish bias. The price keeps on creating the positive side towards the market. The market gives the positive opportunity to the market towards the buy side in the market. The pair has some modest gain on the Tuesday. The pair opened with strongest side in the market, the pair creates buying buy signals in the market. The market keeps on making potential buying candlesticks in the market. On the daily chart market do not give any strong positional side for the market.
Technical analysis: From the technical point of view we can say that market sit towards the buy side in the market. Previously, market stands towards the buy side in the market and making the swings in almost equal direction kind of tug and war is going between the bulls and bears, the strong EMA and SMA lines are supporting the market towards the buy direction the market, the pair creates the positive buy direction in the market, On the hourly chart we can see that pair makes the W pattern in the chart as the pair creates the buying zone in the market. The market makes the bullish candlesticks on the market, the intraday traders can go for the buy direction in the market as the consolidate range found from starting of this week, RSI is also moving in the buying direction as well as MACD also moving in the buying direction .
Trade idea: our traders will be move towards the buy level at 0.6992 following by 0.7050-0.7100 and stop loss will be 0.6940.