Market Analysis – August 18
NZDUSD is currently on a downward trend. The bearish trend’s steep downward slope underscores the substantial influence wielded by sellers. Following the successful bearish breakout, an intriguing development unfolded in the form of a retest of the previously invalidated bullish trendline.
Critical levels for NZDUSD
Demand Levels: 0.600, 0.580, 0.560
Supply Levels: 0.620, 0.640, 0.660
The retest after the breakout acted as a magnet, drawing bearish market participants to actively participate, allowing them to execute short orders with confidence.
The current placement of the Stochastic indicator on the daily chart within the oversold region suggests the potential for an impending corrective rebound. This dynamic implies that the bearish momentum might experience a temporary interruption, fostering a period of market readjustment.
Short-Term Trend for NZDUSD: Bearish
Zooming in on the shorter time frame, the 4-hour chart confirms the ongoing bearish sentiment. Notably, any attempts at counter-trend corrections within this bearish trajectory have proven to be short-lived.
In conclusion, the recent developments in the NZDUSD market, marked by a successful breakout followed by a retest, underscore the prevailing bearish momentum. 0.590 appears to be the short-term target of the bears.
Do you want to take your trading to the next level? Join the best platform for that here
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.