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Market Analysis – September 19
NZDUSD bearish sentiment has continued to persist recently. NZDUSD price has experienced a significant decline, breaking below the initial support level at 0.60300. It is crucial to monitor the Order Block zone next to see a continuation of the positive trend.
NZDUSD Key Levels
Demand Levels: 0.60000, 0.550000, 0.52000
Supply Levels: 0.65200, 0.69800, 0.72000
NZDUSD Long-Term Trend: Bullish
The market break in mid-December 2022 marked the end of the initial bearish trend. However, despite the potential for the trend to continue with a higher high, it failed to do so as a lower low was established in early March 2023.
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Since then, the price action has been predominantly bearish. The support level at 0.603000 was expected to halt further downward movement, but it proved ineffective. This indicates a strong negative bias in the market.
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The bear market remains active with the price currently below the moving average and the recent structural break. For the price, the Order Block zone is meant to act as a potential turning point. This will happen when the 0.55000 level is respected.
NZDUSD Short-Term Trend: Bearish
On the 4-hour chart, there is a bearish structure break and a price decline, as indicated by the downward movement suggested by the Moving Average. Additionally, the Relative Strength Index is crossing below the 70.0 level, indicating that the price is moving out of the overbought area.
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