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NZDUSD, Candlestick Analysis

3/13/2023 10:21 AM

NZD/USD, H4

On the four-hour chart, at the support level of 0.6096, a series of "bullish" Inverted Hammer and Hammer candlestick analysis reversal patterns has formed, warning market participants about an imminent price reversal. In addition, there is another formation of the Morning Star at the base, which emphasizes the strength of buyers and signals that the asset has reached a local "bottom" at around 0.6096. At the moment, the quotes have reversed and are moving towards the resistance level of 0.6239, and in case of its successful overcoming, the instrument is likely to rise even higher, to the zone of 0.6369–0.6694. In case of return to the support level of 0.6096, the decline will continue to the area of 0.5932–0.5591.


NZD/USD, D1

On the daily chart, there is a formation of a Falling Wedge price pattern, and now the quotes have overcome its upper limit, which indicates a price reversal upwards. In addition, the asset has formed two successive Inverted Hammer reversal candle patterns at the support level of 0.6096. Now the breakout of the "bearish" trend line is observed, which may become a signal of a break in the trend; however, traders need to wait for the quotes to consolidate above the resistance level of 0.6239. If this level is overcome, the quotes will go higher, to the zone of 0.6369–0.6694.


Support and resistance

Support levels: 0.6096, 0.5932, 0.5751, 0.5591. | Resistance levels: 0.6239, 0.6369, 0.6538, 0.6694.

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