NZDUSD Bears Attack Demand Zones
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NZDUSD Bears Attack Demand Zones

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Azeez Mustapha

Updated:

Market Analysis – July 30

The NZDUSD market is currently on a downward spiral, breaking out from a bearish wedge and the demand zone of 0.5980 to the downside with the aid of three black crows. The price dip is targeting lower liquidity regions characterized by relatively equal lows.

NZDUSD Key Levels:

  • Demand Levels: 0.5860, 0.5770, 0.5510
  • Supply Levels: 0.6220, 0.6290, 0.6360

NZDUSD Bears Attack Demand ZonesNZDUSD Long-Term Trend: Bearish

The bearish reversal in the NZDUSD market commenced after the price reached a prominent resistance zone of 0.6220 in June, forming a bearish wedge pattern. This pattern indicated a downward trend, and the subsequent breakout to the downside revealed increased selling momentum. The presence of three black crows underscored the dominance of sellers.

The dominance of Smoothed Heikin Ashi candles over the custom candles on the 24-hour time frame further highlights the price decline. Additionally, the Hull Butterfly indicator is reading negative, confirming the current price downtrend.

NZDUSD Bears Attack Demand ZonesNZDUSD Short-Term Trend: Bearish

The steep slope of the downward trend shows the rapid movement of the price towards the demand level of 0.5860. The market structure remains bearish on both the lower and higher time frames. The price is expected to continue its descent through this zone towards the lower demand zone at 0.5770.

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