NZDUSD Cuts Across Consolidation Space to Move Above a Critical Supply Level

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NZDUSD Price Analysis – October 24

NZDUSD cuts across its consolidation space to break into the upper consolidation zone. The market finally breaks above the 0.71560 critical supply line. This happens as the price surges directly from the demand level at 0.69510. It took just six days for NZDUSD to rise from the lower end of the consolidation zone to break the upper end of the consolidation zone. In doing this, the price rose by 4.42%.

NZDUSD Key Zones

Supply Levels: 0.71240, 0.71560
Demand Levels: 0.69510, 0.69910

NZDUSD Long Term Trend: Bullish

The market’s movement from the beginning of the year has been in different phases of consolidation. Price surged up and found some footholds around the 0.70570 key level. From here, the market sprung higher, retesting 0.71560 as it climbed higher. The supply line at 0.73200 thereafter set a limit to the increase in price (though it was breached once), while 0.71560 acted as support from below. After consolidating for a while, NZDUSD cut across the consolidation space to break downward.

The initial support level at 0.71560 thereafter became the supply level and 0.69510 acted as the demand line for a lower consolidation zone. The market begins alternating between the lower and the higher consolidation zone. Eventually, the market accumulated in the lower consolidation zone. Recently, the ATR (Average True Range) indicator shows there has been an increase in market volatility which has shaken both consolidation borders. Eventually, price cuts across the supply level, climbing upward.

NZDUSD Short Term Trend: Bullish

The market is currently in a retracement phase after a surge up from the 0.69510 demand level. The market took a breather at 0.70570, retesting the level before climbing further. After breaking through 0.71560, the price is returning for a pullback. It has dropped slightly below 0.71560 but is finding good footing on the 50% Fibonacci level.

The market might eventually drop further to the 61.80% Fib level, from which point the price is expected to surge higher to continue its consolidation in the upper zone.

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