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NZD/USD analysis for April 15, 2021

Looking at the chart on the four-hour time frame, we see that the NZD/USD pair made a break outside the falling channel and a break above the moving averages, now receiving their support for continuing the bullish trend. to a 78.6% level at 0.72000. Our next target is the previous high at 0.72677, where we can expect potential resistance because we have already tested that zone once, and the NZD/USD pair did not last and went down to the previous support zones. The MACD indicator is on the bullish side, and the signal is clear, and based on that, we expect a further continuation of the growing trend. For the bearish option, we need a pullback below the moving averages to consider for that option.

NZD/USD

On the daily time frame, we see that the NZD/USD pair found support on the moving averages MA200 and EMA200 and then found in other MAs as well, giving us a signal that the bullish option is in effect again, after a pullback with 0.74640. Based on the previous highs and lows, we can form one falling channel, where we now test the upper edge of that channel. And if we see a break outside that channel, we can expect further conquest of new highs on the chart. The MACD indicator is also on the bullish side and still gives us confidence that we will continue this trend. We need a bounce down from the top channel line for the bearish scenario to get a signal to start a new pullback.

NZD/USD

We see that this week, the NZD made a great leap in opposition to this pullback from the previous high on the weekly time frame. This was helped by the Reserve Bank of New Zealand report, which left its interest rates at the same level. So now we are currently testing moving averages of MA20 and EMA20.

By setting the Fibonacci retracement level, we see the pullback’s end to 23.6% level at 0.69910. The MACD indicator gives us a slightly different picture. It didn’t react so quickly to this jump. Its signal is neutral for now because the blue line moves sideways but still below the signal line. The only positive in the MACD indicator is the last histogram which is pale in color and, as such, shows a weakening of the bearish trend.

NZD/USD

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