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Market Analysis – October 2
NZDUSD bearish trend consistently respects the bearish trend line. Although the price briefly crossed the trend line in the middle of July 2023, it was unable to sustain the trend change and quickly reversed.
NZDUSD Key Levels
Demand Levels: 0.60700, 0.58000, 0.55000
Supply Levels: 0.62800, 0.65000, 0.69200
NZDUSD Long-Term Trend: Bearish
NZDUSD remains bearish, with no signs of a reversal. Despite a break in the trend, it was not significant enough to change the overall direction.
A bearish break of structure occurred when the price broke through the 0.60700 level, affirming the bearish trend. The price then formed a low near the 0.58000 level, followed by a modest market structure shift, suggesting a possible pullback.
The Moving Average indicator indicates some bullishness, increasing the likelihood of a pullback. However, it is projected that the price will pull back above the 0.5 Fibonacci level, which will provide support for the subsequent bearish phase.
NZDUSD Short-Term Trend: Bearish
Although the price is in a bearish trend, there has been a change in market structure, indicating a pause in bearishness. It is expected that the price will find support at the break block corresponding to the 0.5 Fibonacci level.
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