NZDUSD 0.63800 Support Fails to Hold

Market Analysis – September 26

NZDUSD 0.63800 support fails to hold its ground. The market experienced a shift in sentiment after breaching the 0.63800 supply barrier and forming higher highs. However, the price action has turned negative as it continues to make lower lows.

NZDUSD Key Levels

Demand Levels: 0.60600, 0.57900, 0.55000
Supply Levels: 0.63800, 0.65600, 0.70000

NZDUSD Long-Term Trend: Bullish

The NZDUSD price action turned bullish after breaking through the 0.63800 supply level. However, the positive bias was not sustained as the price failed to surpass the 0.65600 level.

The price is expected to seek support at the 0.60600 demand level to maintain the overall bullish trend. Although the level initially provided support, it was not strong enough to push past the 0.63800 level.

The price then formed a lower bottom, indicating a return to the downside and forming a breakout block. The anticipated arrival of the price bear trend is at the 0.57900 level, which is expected to establish support for the overall bullish rise.

NZDUSD Short-Term Trend: Bullish

Currently, the price is in a corrective phase and attempting to surpass previous highs as liquidity increases. This signals bullish price action in the short term. The price targets the breaker block to facilitate its initial bearish move, which aligns with the bullish moving average.

 

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