|NZD/USD : Correction or trend reversal?|
|The psychological level at 80 has again led to a new bearish wave on the pair NZD/USD who is moving since the beginning of the week into a bearish channel in h1 (purple lines).|
The pair just broke its last low and the support at 0.7938 (level 61.80% of fibonacci retracement in h4). We are neutral between this level and the level 50% at 0.7846. 0.7846 allowed several times the pair to rebound and its breakout will give a sell signal. We could then target a return on 0.7754.
In case of return above 0.7938, we will advise again long positions for a new test of the resistance at 0.8050. The breakout of this level will open the way for a new bullish wave of the New Zeland Dollar against the US Dollar.
Update the 07/17 - The pair NZD/USD just answered the questionCorrection or trend reversal? by going out of its neutral zone 0.7846/0.7938 from the top. So, a buy signal has been given. The last bullish movement allowed the price to exit the bearish channel in h1. We are now bullish as far as 0.79 is support. The pair is currently testing the psychological level at 0.80. Its breakout of will open the way towards 0.8108. In case of return below 0.79, we will be neutral between this level and 0.7846.
|Complete sheet of the pair NZD/USD - Previous NZD/USD Analysis|
Chart of the pair NZD/USD - Timeframe 4H
Chart of the pair NZD/USD - Timeframe 1H
NZD/USD Live Chart - Timeframe : 4h