NZDUSD has become impulsive and non-volatile after breaking 0.7150 to 0.7160 area. NZDUSD holding the bullish bias over 0.7200 psychological level. Will climb further higher in the process? What are the charts and technical indicators are saying? Read on to find further insights into today’s NZD/USD Technical Analysis.
January 27, 2021, | AtoZ Markets – NZDUSD is currently trading around 0.7230 area and trying to push downside. After bouncing from 0.7100 to 0.7110 support area, the bull pushed the price upside quite impulsively, but failed to break over 0.7240 to 0.7250 resistance level. As per the current price action, the price may retrace towards the dynamic level of 20 EMA on the intraday chart in the coming days.
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NZDUSD Holding Bullish Bias as the Bulls Are Still Optimistic
NZDUSD is currently residing near 0.7230 area and trying to decline. However, the price also broke above the Kumo Cloud on the intraday chart.
Image: NZDUSD 4 Hour Chart
According to the 4-hour chart, NZDUSD holding a bullish bias and currently trading around 0.7230 area. As per the current price action, if the retraces towards the dynamic level, which is around 0.7205 area and bounced upside, the bulls may recover higher towards 0.7240 to 0.7250 area as a first target. The second target will be 0.7300 to 0.7310 key area if the price breaks over 0.7240 to 0.7250 area in the coming days.
Furthermore, the dynamic level of 20 EMA is currently residing below the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may act as a strong support to push the price upward. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process.
NZDUSD May Recover Further
According to the daily chart, NZDUSD holding a bullish bias and currently residing near 0.7230 area. As per the current scenario, if the price can break above 0.7240 to 0.7250 area with an impulsive bullish candle close, the bulls may continue the bullish trend towards 0.7380 to 0.7400 area in the days ahead.
Image: NZDUSD Daily Chart
In addition, the dynamic level of 20 EMA is currently residing below the price. It already worked as strong support and pushed the price upward. Also, the MACD lines are currently residing above the 0.00 level and may have a bullish crossover. It indicates that the bulls may sustain the bullish bias further in the days ahead.
To conclude, as long as the price residing over 0.7150 to 0.7160 support area, the overall bias will remain bullish. A daily close is required to identify the definite momentum in the coming days.