Forex analysis: NZDUSD

Welcome to a further Forex analysis for the Weekly-Chart of the NZSDUSD. In this earlier post, I have already called attention to the drawn levels. I pointed out that there are a few factors for an upward movement: the support-level (light green) and the trendline (dark green). A few weeks later, we can clearly see that the psychological level has held and the price has clearly gained in value. Just take a look at the penultimate candle. It has a large body and no wicks up or down: alone the large body speaks for a momentum on the side of the buyers.

Now we look at the Daily-Chart to expand our Forex analysis a bit. The Daily-Chart now gives us more detailed information on what the course has done since touching our levels. We can see even more clearly how the course initially tried to break the area down. After three unsuccessful attempts, the course then increased to the north. I've added another resistance-level in the chart. It is very likely that the course will test at least this area. Because the pair got many problems at this area, I will look at this level in the future in more detail.