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Market Analysis – January 1
NZDUSD begins to ascend after a retracement. The short-term retracement sees an end as the uptrend resumes in the daily timeframe. The market has bounced off the $0.620 support level.
NZDUSD Key Levels
Supply Levels: 0.7000, 0.6570, 0.6450
Demand Levels: 0.6200, 0.6000, 0.5600
NZDUSD Long-term Trend: Bullish
The NZDUSD price declined steadily till the support level of $0.5600 was reached. The market was well oversold, as indicated by the RSI (Relative Strength Index). The Moving Averages (periods nine and twenty-one) also crossed to confirm the initiation of a new trend. The market soared with the aid of bullish order blocks. The market reached 0.6450, and the bulls pushed no further. The RSI indicated an overbought market. This led to a decline in the market. The daily candles fell out of the ascending channel.
The retracement caused the market to decline to the previous valid order block (OB). The OB at the 0.6200 support level appears to hold. The daily candles bounced on the OB. This has prompted a rise in the price.
NZDUSD Short-term Trend: Bullish
On the lower timeframe, the market has experienced a bullish shift in market structure. An ascending trend-line appears to guide the market back to the previous resistance level at 0.6450.
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