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.
Do you want to take your trading to the next level? Join the best platform for that here
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.