NZDUSD : CRUCIAL POINT
- The market has been trading within a bullish channel since the end of October 2023. The medium-term trend is therefore bullish.
- However, since the start of 2024 and the establishment of a wave 5 below 0.6368, the market has registered a significant sell-off leading prices to a triple support represented by the lower bound of the bullish channel, the overlap of the last summit as well as the Kijun line.
The RSI has already anticipated the bearish break-out, while remaining in the buy zone.
- This is a market setup that is not easy to read for Forex analysts and traders. On the one hand, the anticipated breakout of the RSI combined with the establishment of impulse wave No. 5 could tempt the investor to anticipate a bearish movement to come.
On the other hand, as prices continue to trade above their Kijun and within their bullish channel, there are no clear sell signals at this time.
It will be interesting to monitor this market in the coming sessions. A continued strengthening of the US Dollar could well lead the pair to a breakout of its uptrend, which would unlock a downside potential towards 0.6140, 0.6070 or even 0.6000.
- However, since the start of 2024 and the establishment of a wave 5 below 0.6368, the market has registered a significant sell-off leading prices to a triple support represented by the lower bound of the bullish channel, the overlap of the last summit as well as the Kijun line.
The RSI has already anticipated the bearish break-out, while remaining in the buy zone.
- This is a market setup that is not easy to read for Forex analysts and traders. On the one hand, the anticipated breakout of the RSI combined with the establishment of impulse wave No. 5 could tempt the investor to anticipate a bearish movement to come.
On the other hand, as prices continue to trade above their Kijun and within their bullish channel, there are no clear sell signals at this time.
It will be interesting to monitor this market in the coming sessions. A continued strengthening of the US Dollar could well lead the pair to a breakout of its uptrend, which would unlock a downside potential towards 0.6140, 0.6070 or even 0.6000.
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