NZDUSD bulls attempt to reverse price tendencies despite sellers’ prowling movement in the market. Bulls are already trying to mobilize price direction beyond the market zone of 0.68170. However, there was a clutch back in the price propensity to go over the price level due to the sellers’ interest in holding the price level. Before bulls may expect another breakthrough, the price of Kiwi should expect a significant dip as a result of sellers’ interest in the market.
NZDUSD Important Levels
Resistance Levels: 0.68170, 0.72140 Support Levels: 0.66280, 0.65290
NZDUSD Long Term Trend: Bullish
NZDUSD analysis shows a bearish breakthrough in the market. The bears’ game began in early November. After price consolidation peaked, the bears prompted price movement downward. Price manipulation breaks off several levels in the market. The market broke through and went below the 0.68170 zone. NZDUSD witnessed an aggregation in price tendency at this level. This came due to sellers’ taking more orders at this level before bearish continuation.
After the price successfully rebounded down to the 0.65290 support zone, the bulls focused on the price. As prices rise, the buyers continue to gain momentum. As the sellers’ influence continues, the Stochastic indicator shows a downtrend. After the initial bullish rejection, the market expects another price push over the 0.68170 support level.
NZDUSD Short Term Trend: Bullish
The sellers are holding price movement in a bullish hangout on the 4-hour chart time frame. However, if the bulls increase market tension, the NZDUSD will eventually move over the crucial 0.68170 level. Despite the sellers’ power, the bulls are now ascending towards 0.61870, as seen by the Parabolic SAR (Stop and Reversal).
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Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.
