Technical Analysis

Technical Analysis – NZDUSD Forecast

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

It is always recommended to look for confirmations before you jump into any trade. If you are not sure about how to trade this buy setup then you can use any setup and strategy that you have in your arsenal to look for bullish moves and join this buy trade.

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If you have any further questions, don’t hesitate to drop a comment below!

 

Yours to your success

Vladimir Ribakov
Certified Financial Technician

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Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.

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