NZDUSD Aims for the 0.650 Resistance Level

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Market Analysis – 15

NZDUSD has retraced to retest the bearish trendline after the breakout from the falling wedge. Buyers seek to utilize the supporting trendline as a launching pad to shoot higher in the market. The bulls are set to ascend to 0.650.

NZDUSD Key Zones

Supply Zones: 0.650, 0.660, 0.680
Demand Zones: 0.620, 0.600, 0.560

NZDUSD Long-term Trend: Bullish

The NZDUSD price action appears to be very discernible, with prominent trends in the market. The market started trending downward after a double top formed in April. The Williams Percent Range indicated that the market was overbought. This fueled a sell-off after the moving averages crossed (periods nine and twenty-one).

The downtrend paused twice at 0.620 before the sellers successfully pushed through. In October, the market was oversold at the 0.569 demand level. This fostered a market reversal as the Bulls gained control. The Moving Averages crossed to signify a bullish trend.

NZDUSD Short-term Trend: Bullish

Upon reaching 0.650, the market retraced after taking out the last high before the demand level. The retest of the bearish trendline above 0.620 is expected to fuel the bulls to run above 0.650.

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