Here’s a bullish technical analysis for NZD/USD on the H4 timeframe: Technical Indicators
Trendline Support: NZD/USD is currently respecting a rising trendline, indicating strong support and potential for further upward movement1. Fibonacci Retracement: The pair has retraced to the 38.2% Fibonacci level, which often acts as a strong support zone in an uptrend1. Bullish Divergence: The RSI is showing bullish divergence, suggesting that the bearish momentum is weakening and a reversal to the upside could be imminent2.
Key Levels
Resistance: 0.6100 Pivot: 0.6050 Support: 0.60001
Moving Averages
The 50-period EMA is currently below the 200-period EMA, but the gap is narrowing, indicating a potential bullish crossover2.
RSI
The RSI is approaching the 50 level from below, which could signal a shift in momentum if it crosses above2.
Conclusion
Based on the current technical setup, NZD/USD shows potential for a bullish move, especially if it can break above the key resistance levels and maintain momentum. Traders should watch for a confirmed breakout and consider entering long positions with appropriate risk management.
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