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NZDUSD, Candlestick Analysis

9/14/2022 11:45 AM

NZD/USD, H4

On the four-hour chart, a Bearish Marubozu pattern formed at 0.6018. In addition, above the support level of 0.5963, a reversal "bullish" candlestick analysis model, Inverted Hammer, was formed, which signals the weakening potential of the "bears". In this situation, a scenario with an uptrend from the support level of 0.5963 to the resistance level of 0.6073 seems likely, overcoming which will allow buyers to restore the price higher to the area of 0.6258–0.6528. An alternative scenario is possible if the "bears" can overcome the support level of 0.5963, then the negative dynamics may intensify up to the level of 0.5577.


NZD/USD, D1

On the daily chart, a Falling Wedge price pattern is forming, and a Hammer pattern has formed above the support level of 0.5963, signaling that the price has bottomed and is ready for a quick reversal. In turn, the Bearish Marubozu pattern, having blocked the previous five-day growth of the asset, warns of a change in market sentiment. In the current situation, a scenario is likely with the recovery of the asset's positions to the resistance level of 0.6073, overcoming which will allow the "bulls" to head higher to the range of 0.6258–0.6528.


Support levels: 0.5963, 0.5845, 0.5577. | Resistance levels: 0.6073, 0.6258, 0.6528.



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