The price of #NZDUSD remains range bound at a major support zone. Could this be a sign of a bullish reversal forming?
Watch the video to learn more…
The NZDUSD price could be due for a reversal after the recent Commitment of Trader reports highlighted significant change. The Commercials have increased their long positions and decreased their short positions showing that they see value at current prices. As well as this the seasonal charts show us that the New Zealand Dollar rallies this time of year.
Looking at the price on the weekly time frame we can see that the major support seems to be holding. The price action is suggesting that the sellers are losing momentum here and if the risk dissipates in the market we could see a reversal form.
The 4hr time frame needs to form a new higher high if we are to see the reversal complete. A break above this key high will confirm that buyers have entered the market at these positions and a rally is more than likely to form.
Do you trade Silver? Check out our latest video here.
Enjoy low spreads and quick trade executions with a live account. Our highly committed customer support team will assist you from your quick account setup to any future concerns. Start trading with Blueberry Markets today.