Price Cracks Through Support Level In Kiwi Market

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NZDUSD Analysis – price cracks through the support level of the 0.68200 in the Kiwi market

Price cracks through the support level of 0.68200 in the Kiwi market. NZDUSD price system has been in a downtrend for a long time. The market system has been stacked in favor of the bears, and market sellers can keep Kiwi in a downward trend. As a result of the price decline, the sellers were able to break through an old support level of 0.68200. This fracture was fueled by the bear’s discretion and market favor. As a result, the price is anticipated to continue in the sellers’ favor until their momentum runs out.

Kiwi Significant Levels:
Resistance Levels: 0.71800, 0.70600
Support levels: 0.69309, 0.68200

NZDUSD Long Term Trend: Bearish
Glancing at the general orientation of the structure in the price, it is observed that the market pattern after a consolidation between the levels of 0.70600 and 0.69300 points of significance, the price movement formed an M-shaped market pattern as the bears and the bulls keep fighting for power. Arising after this pattern is a crack through the 0.68200 points of significance. The price first underwent indecision in the market with a Doji candlestick before the bears flows in.

Based on this, the bears will ultimately progress in their direction as long as the bearish phase has not expired. However, the price may witness a withdrawal back to this level before the downtrend can continue in a bearish light. The combination of the RSI (Relative Strength Index) and Stochastic Oscillator shows the price in the oversold region on the 1-day chart. This shows that a pullback will be impending at such a level before the bears can succeed in moving downward.

NZDUSD Long Term Trend: Bearish
The market shows a price rally in the movement of the NZDUSD. The market continues to be in the bears’ favor as the outbreak continues. The bears are also certain to go downward. The TSI (True Strength Indicator) of the market displays price movement as the downtrend is set in motion by the sellers after breaking through the 0.68200 significant level. The price is anticipated to go lower after the withdrawal to that level.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.