NZDUSD
farhan fazal
NZDUSD·
Aug 27 2021
Stop Loss -1.07%
Holding time 3d16hr
0.69880
Entry price
0.70630
Stop loss price
MARKET FORECAST :
On 20th August we published neutral sentiments on NZDUSD, knowing that there were strong chances of bullish reversal from our 50% fibb retracement level but the bearish momentum seemed to might have extended its gains towards 0.67485 and 0.66432. Fortunately NewZealand dollar found support at 50% fibb retracement level along with the presence of exponential moving average 200 in the same market zone and took a strong bullish reversal from 0.68005. In interday time frames such as one and four hourly chart - the relative strength index had entered oversold conditions and had to correct itself by taking an exit while in daily the market retrieved from 30 in RSI. At the moment NZDUSD is struggling with 61.8% fibb retracement level and trying to provide a bullish closing above our strong support turned resistance zone 0.69629.
BULLISH AND BEARISH CONDITIONS/ POSSIBILITIES :
NZDUSD rallied smoothly towards exponential moving average 50 and 200 but failed to provide a bullish closing above because of too many hurdles in shape of resistances - preventing the market from generating any further hawkish sentiments. The market structure is emphasizing on a hawkish tone that can lead NZDUSD towards 0.71243 i.e Senkou Span A of the ichimoku cloud, but the aforementioned scenario is only possible if the pair was capable enough to provide a bullish closing above 0.70100 and the Senkou Span B by entering into the ichimoku cloud. Our major upper trend line in daily will act as a strong deciding point to understand NZDUSD further moods of movement because strong reversal can be expected from Senkou Span A of the ichimoku cloud. Another near by scenario should alson be kept in sight if NZDUSD took a reversal from the current market price and provided us with a closing below 0.6920 and 61.8% fibb that can lead the market towards 50% fibb again and maybe even lower.