Market Analysis – June 11
The NZDUSD pair has successfully breached the resistance level established in April, which had previously capped price advances until early June. Following a significant pullback to the breaker block at 0.5850, the market found support, enabling it to break through the resistance level.
NZDUSD Key Levels
Demand Levels: 0.5850, 0.5740, 0.5550
Supply Levels: 0.6020, 0.6220, 0.6350
Supply Levels: 0.6020, 0.6220, 0.6350
NZDUSD Long-term Trend: Bullish
Over the past year, NZDUSD trading volume on the daily timeframe has remained relatively consistent until April. Notably, the volume bars revealed a substantial spike in trading activity during this period, likely attributed to the Judas swing that initiated the current upward trend. The price experienced a sharp decline, sweeping the lows at 0.5550, before a robust bullish impulsive motion ensued.
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The Elder Ray Bull and Bear Power indicator demonstrated pronounced dominance of buyers during this period. A bullish break of structure was confirmed, accompanied by the formation of three white soldiers. However, the price ascent stalled at 0.6020, where a triple top pattern formed throughout Q2, indicating stiff resistance from sellers.
NZDUSD Short-term Trend: Bullish
NZDUSD Short-term Trend: BullishA bullish reversal materialised following the pullback to the support level of the break block at 0.5850 on the daily chart. This led to an uptrend characterized by consistent bullish market structure, pushing above 0.6020. After the breakout, the price has retested the resistance level and is poised to expand upwards towards 0.6220, where an unmitigated bearish order block is situated. Providers of Forex signals would likely target this price level to mitigate the block.
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