Hi Traders! NZDUSD forecast and technical analysis is here. As we do in every technical analysis post we are going to perform the multi-time frame analysis on NZDUSD. We do our analysis on the MetaTrader4 platform (MT4). Some very interesting and useful tips and hacks about the MT4 platform could be found here. As usual, we will start our analysis from the highest timeframe which will be the weekly chart here.
NZDUSD W1(Weekly) Chart Analysis – Downtrend Line, 200 Moving Averages, ADX Indicator
On the weekly chart, we have a good downtrend line that has formed and also the 200 moving average coincides with this dynamic resistance, which makes this area a strong resistance zone for us. The price still has room higher towards this strong resistance zone. In addition to this the ADX indicator gave a bullish signal at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as evidence of bullish pressure. Also, there are no evidences that show the trend is over. We may now move down to lower timeframes and see if we can find evidences supporting this bullish view.
NZDUSD D1(Daily) Chart Analysis – ADX Indicator, Heiken Ashi Candles
On the daily chart, the price which is moving higher is creating a potential double wave to the upside. While measuring the first wave using the fibonacci expansion tool we could see that the price has broken above the 61.8% fibonacci expansion level at 0.63571 and is holding above it. The price still has room higher towards the next fibonacci expansion level (100%) at 0.66254. In addition to this the ADX indicator gave a bullish signal at the cross of +DI (green line) versus -DI (red line) and the main signal line (silver line) reads value over 25, we may consider this as evidence of bullish pressure. Also, there are no evidences that show the trend is over here as well. Based on the Heikin Ashi candles we can see that currently, we have strong bullish bodies in upward moving market conditions so it basically reflects a bullish environment, so until the condition changes my view remains bullish here.
Technical Analysis & Forecast Summary
NZDUSD W1(Weekly) Chart Analysis
- Downtrend Line, 200 Moving Averages, ADX Indicator
NZDUSD D1(Daily) Chart Analysis
- ADX Indicator, Heiken Ashi Candles
Trading Tips
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