NZD/USD/H4Time frame As of noon today, I will revisit the analysis of the NZDUSD currency pair. Despite breaching the second resistance level of 0.62251.Tuesday's second resistance level), the NZDUSD pair failed to sustain upward momentum yesterday. This failure occurred despite the price breaking through the second resistance. Consequently, the price of oil experienced another decline yesterday, moving predominantly sideways. In the NZDUSD TF H4 chart below, a more detailed analysis of the current state of this currency pair is presented.The NZDUSD currency pair has been under scrutiny lately, especially given its recent movements and interactions with key resistance levels.0.60845 Yesterday, the pair demonstrated an interesting behavior by breaching 0.60785 the second resistance level of . However, contrary to expectations, this breakout
did not result in a sustained upward movement.The failure of the NZDUSD pair to capitalize on the breach of the second resistance level raisesquestions about the strength of the .0.61786 current bullish sentiment. It also highlights the importance of considering 0.62786broader market factors, such as the price of oil, which experienced a decline yesterday.The sideways movement observed in the price of oil yesterday could be attributed to various factors, including market sentiment, geopolitical events, and supply and demand dynamics. These factors can influence the broader market sentiment and, consequently, impact the performance of currency pairs like NZDUSD.In light of these observations, it is essential to exercise caution when trading the NZDUSD pair. While technical analysis can provide valuable insights into potential price movements, it is equally important to consider fundamental factors that could influence market dynamics.n conclusion, while the NZDUSD pair breached the second resistance level of 0.62658, its failure to sustain upward momentum raises questions about the strength of the current bullish sentiment. The sideways movement observed in the price of oil yesterday further complicates the outlook for the NZDUSD pair. Traders should exercise caution and consider both technical and fundamental factors when analyzing this currency pair.
