After a consistent downtrend in the NZD/USD pair, the 1-hour chart now shows a potential bullish reversal. The price touched a low near 0.59000 and has since shown a strong rejection from that zone, creating a bullish engulfing candle – a classic sign of buyers stepping in.
📈 Key Observations:
Support Level Held: The 0.59000 area acted as a key support level, preventing further downside.
Momentum Shift: A series of red candles have now been followed by a strong green candle, hinting at a possible short-term rally.
Immediate Resistance: Eyes are now on the 0.59390 zone – a previously broken support which may act as resistance.
🔔 What to Watch Next: If bulls can hold above 0.59000 and break above 0.59390, we might see price testing 0.59650 - 0.59800 in the next few sessions. However, failure to sustain could drag the pair back to retest 0.58800 support.
💡 Trading Tip: Intraday traders can look for buying opportunities above 0.59100 with tight stop-loss, while cautious traders may wait for a clear breakout abov$XRP
e resistance.