TradeCityPro | NZDUSD : Will the Range Break Soon?

٢٦ نوفمبر

👋 Welcome to TradeCityPro!
In this analysis, I will review the NZDUSD forex pair for you. The analysis is conducted on the daily timeframe.

📦 This pair has been ranging within a box between 0.57987 and 0.63543 for nearly two years. As a result, indicators like moving averages are not used in this analysis, as they do not provide reliable data in a ranging market.

🔽 Currently, the price has reached the bottom of the box, and there is a possibility of breaking it to the downside. If the 0.57987 support is broken and the price stabilizes below this level, bearish momentum will enter the market, increasing the likelihood of the price reaching the next support at 0.5541.

📈 However, if the price manages to climb above the 0.58942 level and forms a new high and low above this area, the bearish scenario will be temporarily invalidated, and the price will likely move towards testing the 0.60619 and 0.61962 resistances and even the top of the box.

✨ On the other hand, the RSI is near the 30 level. If it enters the oversold zone, the likelihood of breaking the 0.57987 support increases. Conversely, if the RSI reaches the 50 level or higher, bullish momentum will enter the market.

🔑 In case of a trend reversal and a breakout above the top of the box, the next resistance will be at 0.65069.

📝 Final Thoughts

This analysis reflects our opinions and is not financial advice.

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