SimpleFX NZDUSD Chart Analysis: October 7, 2019

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After the end of the rapid downtrend, in which the price fell from the upper to the lower bound of the yellow channel, we saw the growth of the market to the central zone of this channel. Most likely, bulls are now pushing the price to the upper wall of the yellow channel and the resistance level of 0.638. In addition, the price went well above the moving average line, which may indicate that the trend has a good upward potential. However, if there is a breakdown of the moving average line below, around the level of 0.628, the market will continue to move in a downward direction to the lower yellow wall and the level of 0.616. The downward scenario is an alternative.

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