NZDUSD Delivers Buy-Side Motion

Market Analysis – December 19

NZDUSD delivers buy-side motion to mitigate the sell-side delivery of the market. The market was on a downward trend in April. Bears’ selling pressure was obvious with the steep slope of the downtrend.

NZDUSD Major Levels

Support Levels:0.6200, 0.6000, 0.5600
Resistances levels: 0.7000, 0.6570 0.6450

NZDUSD Long-term trend: Bullish

The support level at 0.620 temporarily paused the bearish order flow. The market consolidated from May to August, The support level was tested multiple times, which made the zone weaker and more vulnerable. The demand level at 0.620 was tested three times before it failed. A reverse head and shoulders pattern between the 0.620 support level and the 0.6450 level was expected to result in a bullish reversal. The head of the reversal pattern formed a bearish fake out in July. The bearish trend resumed fully after the supply level was breached in August. The price declined steadily to the demand level of 0.560. The Relative Strength Index revealed that the market was already oversold,

Bulls stormed the market in October at the 0.560 demand level. The price ascended to fulfill the buy-side delivery of the market. The liquidity pool of 0.620 was reached in late November. A bullish order block fuelled the market to rise above the resistance level at 0.620. The bearish trend line also failed to hinder the rally.

NZDUSD Short-term Trend: Bullish

The market has reached another liquidity pool at 0.6450. The price action still appears to be very bullish. The market is expected to retrace back to 0.620 to gather sufficient energy to shoot toward the liquidity pool at 0.7000.

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