NZD/USD: Potential Rounding Bottom Pattern About To Complete

November 29, 2018

 

In our last report we have mentioned to buy this pair at 0.6600 level, we are hoping that readers must have made handsome profit from this predetermined move. Well we already to anticipated that potentical rounding bottom is in process of formation when it was in it’s initial phase. Well presently pair is hovering at 0.6847 level which is generating pure bullish signal and indicating that pair is appraoching the 0.7050 level.

 

From technical prospective we can see that an uptrend line is lying on the daily technical chart which is generating bullish signal. Pair is making successively higher highs and higher lows on the daily chart and the way bulls are approaching the 0.7057 level in near term.  A bullish marabuzo candlestick above the moving averages is leading the pair and heading towards north side.

 

Well the current stance shows a bullish momentum and pair has crossed the moving average, the 0.7057  is the next stumble block for bulls . We are hoping that bulls will clear this level.The way bulls are reacting it seems like bulls have started the journey and they are not going to stop as early, we are hoping that bulls will test the 0.7057 level atleast.

 

November has been a good run for the NZD/USD, continuing a string bump upwards from October’s bottoms near 0.6425, and resurgence in broad-market Dollar bidding sees the NZD/USD maintaining a healthy grip on the longer timeframes, with Daily candlesticks pinned well above the 50-day moving average near 0.6830.

 

Three white soldier pattern followed by a big bullish marabuzo candlesticks above the moving average line are supporting the bulls on the daily chart. Odds are in favor of bulls and intraday bias remains bullish on the pair as long as 0.6700 level remains intact. The RSI is also supporting the bulls from positive territory and a bullish crossover has been occurred on the MACD indicator which is also generting bullish signal and strengthening the bulls.

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