The NZDUSD 4H chart illustrates the interaction of the Ichimoku, Bollinger Bands, and MACD indicators. The price movement below the Ichimoku cloud indicates a prevailing bearish trend. This is further supported as the price frequently tests the lower Bollinger Band. The MACD histogram, situated mainly below the zero line, emphasizes the bearish momentum. However, the nearing of the MACD and its signal line
suggests potential consolidation or a forthcoming change in trend direction. In summation, while the NZDUSD is currently in a downtrend, traders should remain vigilant for signs of a possible reversal or consolidation given the MACD’s recent behavior
.
• There is a resistance level at 0.59239; followed by resistance at 0.60502 and 0.61281.
• There is a support level at 0.58023Below, there are 0.57343 and 0.55932.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
October 26, 2023
