NZDUSD Dips Into an Oversold Level

Updated:

NZDUSD Analysis – May 9

NZDUSD dips into an oversold level with the recent push through 0.6540. The market has been in a downtrend on the daily chart. The Moving Average period eighty-nine crossed the Moving Average period 200 to the downside during August last year. Ever since then, the market has been bearish. The parallel channel also clearly signifies the reign of the sellers in the market.


NZDUSD Key Levels

Support levels: 0.6380, 0.6540
Resistance levels: 0.6980, 0.6860

NZDUSD Dips Into an Oversold LevelNZDUSD Long Term Trend: Bearish

On the 20th of August 2021, after the cross of the Moving Averages, the market dipped into the oversold level on the stochastic. The result was seen as a strong bullish rally. The market created a higher high and a lower low that soared past the Moving Averages. The Moving Averages still indicated the market was bearish overall. The bears eventually continued the ride.

During February this year, the market dipped into the oversold level again. This caused the bears to halt at 0.6540. The buying pressure at the oversold level moved the market to break the resistance at 0.6860. The bulls did not halt until they got exhausted at 0.6980. The market was already overbought and a double top had formed.

NZDUSD Dips Into an Oversold LevelNZDUSD Short Term Trend: Bearish

The market has dipped into the oversold level at 0.6540. The market is oversold and is expected to use the next support zone for a reversal. The push-through 0.6540 was followed by a retest of the level. The market is expected to reach 0.6389 soon as it is already near.

How To Buy Lucky Block 

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

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.