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NZDUSD, Candlestick Analysis

1/3/2023 10:15 AM


On the 4-hour chart, the asset is consolidating around 0.6234−0.6399, where a weak upward movement is forming, which is characterized by a series of Inverted Hammer candlestick patterns located at 0.6349. In addition, the growing activity of the "bulls" is indicated by the Hammer models following one after another above the level of 0.6284, the combination of which warns traders about the likely continuation of growth towards the resistance level of 0.6399, overcoming which will allow the price to be sent even higher to the range of 0.6573−0.6748. An alternative scenario is possible if the quotes fix below the key support level of 0.6234, then the instrument has high prospects for testing the zone 0.6030−0.5813.


On the daily chart, at the support level of 0.6234, a series of Inverted Hammer candlestick patterns are being formed, which warn traders of the growing strength of buyers. Besides, below the level of 0.6349 another Hammer model is forming, confirming the intention of the "bulls" to direct the price to the level of 0.6399, overcoming of which will allow them to strengthen their positions up to the level of 0.6748.

Support levels: 0.6234, 0.6030, 0.5813. | Resistance levels: 0.6399, 0.6573, 0.6748.

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