NZDUSD Bulls Aspire for a Stronghold Near the 0.66980 Price Level

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NZDUSD Price Analysis: January 31

NZDUSD bulls aspire to a stronghold near the 0.66980 price level of influence. The market is planning to project with a bull eye to retest an old significant level of impact. The NZDUSD market generally portrayed a bearish plan in the market. The price has been engaged in a strong bearish phase. However, the buyers in the market demand a retest as the price continues in its usual trend.

NZDUSD Price Levels:

Resistance Levels: 0.72070, 0.70870
Support Levels: 0.68780, 0.66980

NZDUSD Long Term Trend: Bearish

Before the consolidation era comes the bearish market order breakthrough, the price significantly fell between the levels of 0.70870 and 0.68780, which are significant price levels. At these significant levels, the market began to accumulate as prices continued to prove their stand between the bulls and the bears in the market. The bulls eventually fought hard to push the price a little higher to the 0.72070 market level as the price trend continues.

From this point, the bears set out in motion to bring prices downward. The bears continue to rise in price with a strong downward impulse in momentum. The bears pulled through by breaking price levels before another accumulation was displayed. Following the price accumulation at the 0.66980 significant level, the market went through another distribution downward by the bears. The bulls now tend to hold the price back by causing a pullback before the bearish phase continues.

NZDUSD Short Term Trend: Bullish

The 4-hour chart time frame shows price distribution. The market has fallen and is now attempting a retest of the 0.66980 significant level. The Stochastic Oscillator shows price distribution downward, and we await the bulls’ full appearance in the market to cause a retest at the 0.66980 significant level. We, therefore, should expect a pullback in the fee back to the 0.66980 price level.

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