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Market Analysis – June 4
NZDUSD has recently broken free from a consolidation phase. During the months of March and April, the Moving Averages (periods nine and twenty-one) exhibited sideways movement on the body of the daily candles, indicating a lack of clear direction during that period.
NZDUSD Key Levels
Demand levels: 0.6150, 0.6080, 0.5970
Supply Levels: 0.6320, 0.6420, 0.6540
NZDUSD Long-term Trend: Bearish
The emergence of three black crows signifies the significant selling pressure that propelled the breakout from the consolidation range. Following the last intersection of the Moving Averages, a ranging market results. Presently, the price is descending towards the demand level of 0.5970.
Within the consolidation phase, a bullish order block exists, suggesting a potential retracement. However, considering the magnitude of the sell-off, it is unlikely that a substantial pullback will occur before the price reaches the support level of 0.5950.
NZDUSD Short-term Trend: Bullish
On the 4-hour chart, the market structure has shifted. The candles have risen above the Moving Averages (periods nine and twenty-one), indicating an uptrend. It is anticipated that the price will experience a pullback towards the identified bullish order block on the daily chart, located above 0.6160, before resuming the overall bearish trend.
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