Market Analysis– April 30
NZDUSD market turned bearish since the cross of the Moving Averages (periods nine and twenty-one) in February. Lower highs and lows have defined the price action on the 24-hour timeframe. The market is currently bearish as the price have dived to test the 0.6100 support level.
NZDUSD Key Levels
Demand Levels: 0.6100, 0.5970, 0.5590
Supply Levels: 0.6460, 0.6560, 0.6730
NZDUSD Long-term Trend: Bearish
The market direction reversed with a double top bearish reversal pattern in February. After test of the overbought supply zone of 0.6460 in February, the market dived rapidly to the support level of 0.6100. The sellers failed to pull through the well defended zone.
A lower high formed afterwards with an head and shoulders bearish reversal pattern. The bearish trendline anchored on the highs currently serves as a resistance for an ascent. The Stochastic is currently oversold, hence, a pullback to test the bearish trendline is likely to foster a bearish displacement.
NZDUSD Short-term Trend: Bearish
On the 4 hour chart the swing lows that served as support are currently serving as resistance to the price. The test of the bearish trend line may foster a breakout below 0.6100.
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