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NZDUSD, Candlestick Analysis

9/9/2022 11:58 AM


On the four-hour chart, at the support level of 0.6031, there is a formation of a reversal Bullish Engulfing candlestick analysis pattern, signaling a change in the balance of power towards buyers, as well as a Gravestone Doji pattern, which, as a rule, appears at the top and is reversal. It can also be fixed at the base, but for this it is necessary to obtain additional confirmation. In the current situation, the likely scenario is the growth of the asset to the resistance level of 0.6172, overcoming which will allow the "bulls" to head higher to the range of 0.6453–0.6703. An alternative scenario is likely if the "bears" break through the key support level of 0.6031, and the price may drop to the area of 0.5849–0.5622.


The daily chart shows the formation of two Hammer figures, which are reversal and signal that the price has reached the bottom. In this case, long positions can be opened after overcoming the resistance level of 0.6172, when the "bulls" test it. If the buyers fail to hold the level of 0.6031, the negative dynamics may intensify up to the level of 0.5622.

Support levels: 0.6031, 0.5849, 0.5622. | Resistance levels: 0.6172, 0.6453, 0.6703.

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