NZDUSD has reached the major support area in the higher timeframe weekly chart.
In the 4-hour timeframe, NZDUSD is rebounding from the lower low level of the descending channel.
After the confirmation of upward movement, NZDUSD buy signal given.
NZDUSD has retested the low level again and reached the SL price. However, NZDUSD is still consolidating at the lower level of the descending channel. Technically market needs to make a correction, fundamentally dollar is driving this market now.
US Dollar index Analysis
The dollar remains stronger fundamentally and the US dollar index has reached the 104 price level and it’s still consolidating at the Multi-year Resistance level. If the US dollar index breaks this resistance, we can expect “USD” to get stronger in all USD currency pairs.
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