NZD/USD Pair Trades in a Bullish Channel

On social media, we had mentioned before that 0.63155 is the pivotal support level of the NZD/USD pair. By looking at the chart of the pair in February and March, we will find the pair have succeeded in breaks this pivotal support level and reached the lowest level ever in the first quarter of 2020 at 0.54700.

NZD/USD pair tests the support level 0.63155. We have to keep watching this opportunity. What do you think we shall do, LONG or SHORT?

Posted by Allddon on Tuesday, February 25, 2020

Technical Analysis

  • NZD/USD pair is trading in the bullish channel range.
  • NZD/USD current horizontal resistance level is 0.60453.
  • NZD/USD current horizontal support level is 0.59764.
  • NZD/USD pair is trading between the resistance and support at 0.60126.
  • If the pair keeps trading within the bullish channel range, it will likely go to test the horizontal resistance level, and if the pair succeeds in breaching this resistance and stable above it, this will be a positive sign for the pair technically.
  • If the pair breaks the support line of the bullish channel, it is expected the pair head towards testing the horizontal support level. If the pair succeeds in breaking the horizontal support level, it is expected the pair go to test lower support levels.

Resistance level 0.60453
Support level 0.59764

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