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NZDUSD Market Analysis- July 9
NZDUSD bears are leading the market towards a major demand zone. The daily timeframe on NZDUSD has been extremely bearish since the beginning of March 2021. The market has been descending through a creek for a few months now. The market keeps maintaining a trendline across its highs. The current bearish trend began early last month owing to the market’s regard for the previous support level at 0.6570.
NZDUSD Major Zones
Resistance Levels: 0.6400, 0.6570
Support Levels: 0.5920, 0.5500
NZDUSD Long-Term Trend: Bullish
Since the shift in market structure last year, the market has been noticeably bearish, and this was first indicated by the overbought signal on the Relative Strength Index (RSI) and the shift in market structure (SMS). As the market continued to fall towards the demand zone, forming lower highs and lower lows, it broke through a previous support level and later retested it, confirming that the level is still very significant and could be considered a major resistance level in the future.
The market appears to be reacting to the Relative Strength Index whenever it reaches oversold territory. The Moving Average Cross confirms the current bearish market trend on the daily timeframe. The red moving average crossing the blue moving average downward indicates that the market is currently in a downtrend, and it appears to be doing so in order to close the Fair Value Gap (FVG) that has formed between the demand zone and the previous support level at 0.6400 since May 2020.
NZDUSD Short-Term Trend: Bearish
Prices on the four-hour chart continue to follow the trendline. If the candlesticks do not break and retest the trendline, the market may continue to fall towards the demand zone. As the market continues to fall, a trend change is possible between the 0.6000 and 0.5920 demand zone.
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