NZD/USD Market Analysis
In-depth market analysis for NZD/USD on July 11, 2024, covering daily, 4-hour, and 1-hour charts. Key levels, trade ideas, and potential setups for informed trading decisions.
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Daily Chart Analysis
On the daily chart, NZD/USD is experiencing a general bearish trend. The price has been moving within a descending channel, marked by lower highs (LH) and lower lows (LL). The current price action suggests a potential rejection at the upper boundary of the channel. The key support level is around 0.6000, which has been tested multiple times. A break below this level could indicate a continuation of the downtrend.
- Trend: Bearish
- Key Levels:
- Resistance: 0.6120 (channel upper boundary)
- Support: 0.6000 (significant support zone)
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4-Hour Chart Analysis
The 4-hour chart shows a more detailed view of the descending channel. The price has recently tested the upper boundary of the channel and is now heading towards the lower boundary. A break and retest of the 0.6000 support level would provide a strong selling opportunity, potentially leading to further declines.
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Market Analysis ⇓ |
- Trend: Bearish
- Key Levels:
- Resistance: 0.6120
- Support: 0.6000 (critical support level)
- Trade Idea: Sell after a break and retest of 0.6000
1-Hour Chart Analysis
On the 1-hour chart, NZD/USD is showing short-term bullish momentum as it approaches the upper boundary of the descending channel. However, this movement is still within the larger bearish structure. Traders should watch for price action signals around the resistance levels to determine potential reversal points.
- Trend: Bearish within larger timeframe structure
- Key Levels:
- Resistance: 0.6120
- Support: 0.6060 (intermediate support level)
- Trade Idea: Look for selling opportunities near resistance levels within the larger bearish structure
07/17/2024
