NZDUSD Bulls Struggle to Keep Price Afloat

NZDUSD Analysis: Bulls Struggle to Keep the Price Afloat Above the 0.68020 Price Zone

NZDUSD bulls struggle to keep prices afloat above the 0.68020 price zone. The buyers in the market are striving to hold a price level above the 0.68020 level of significance. However, when the market eventually succeeds in breaking above this level, the sellers are still waiting for the price movement downward. This is so because the general distribution of the market signifies a bearish direction that will eventually come to an end. If the bullish strength bounces back stronger, the buyers will pull the market upward.

NZDUSD Price Zones:

Resistance Zones: 0.71920, 0.70850
Support Zones: 0.69080, 0.68020

NZDUSD Long Term Trend: Bullish

The NZDUSD price distribution started with a short range of display in price. The market began oscillation and eventually dropped, breaking through the 0.71920 and 0.70850 price zones. After the market shifted from consolidation to bearish outpouring, another significant accumulation continued between the levels of 0.70850 and 0.69080. Kiwi after accumulation was eventually distributed in the seller’s direction to the very last zone of 0.68020 level of significance.

The bulls in the market began to keep prices afloat. As a result of their struggle, there was an increase in the momentum of price movement. When the bulls failed to return to the highest high formed, the selling demand took control as the market is now witnessed to form an “M” waver structure in the market. The sellers are seen to have dropped prices downward, and the bulls appear to be struggling to keep price influence afloat. If the bulls persist long enough, there will be maximum strength in the display as the price will now be set to rise. The MACD (Moving Average Convergence and Divergence) indicator is explained by a cross below the 0.00 level in a bear market. This indicates the presence of bulls almost at the end.

NZDUSD Short Term Trend: Bullish

Looking at the 4-hour chart, the price movement is seen to be striving to break above the 0.68020 level of significance. When the price finally succeeds, this will give room for more buyers involved in the market. The Relative Volume index of prices in the market shows the price rising on an increase towards the 80.00 level as the price is determined to float above the 0.68020 price level.

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