H4
NZD continues the renewal of its maximums. According to the results of the yesterday’s trading session, the exchange rate of the pair increased by 80 pips and reached the level of 0.8080. It has nearly approached November extremes of the last year (0.8110).
Thus, the upward trend of the market remains active.
Indeed, all the Indicator lines on the H4 timeframe are ready for the further restoration (1, 2, 3, 4). The Ichimoku Cloud has an upside character, the “golden cross” formed by the Tenkan and the Kijun lines provides the support for the bulls (5).
Therefore, the possibility to continue the uptrend in the nearest future is quite high.
But it is necessary to take into account the Chikou-Span indicating overbought market. This fact can result in the market corrective decline or at least in consolidation at current levels.
H1
The H1 timeframe still remains positive. Here all the Indicator lines support the purchasers as well. Indeed, the Preceding lines (1, 2) are expanding and maintaining the positive character of the Ichimoku Cloud.
Also the short-term Tenkan-Sen and the Kijun-Sen lines are directed upwards supporting the traders intended to buy with the help of the “golden cross” formed during the yesterday’s trading session.
Nevertheless, on this timeframe the Chinkou Span is located in the area of the maximum deviation from the price chart. It means that the consolidation is to be expected soon.
