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Market Analysis – November 2
NZDUSD encounters a significant decline after failing to surpass the 0.70000 level. The market experienced a sharp downpour, reaching a low point at the 0.55400 level.
NZDUSD Key Levels
Demand Levels: 0.60600, 0.65200, 0.70000
Supply Levels: 0.58500, 0.55400, 0.53600
NZDUSD Long-Term Trend: Bearish
The price subsequently started forming lower lows after being rejected at the 0.70000 level. However, the decline halted as the 0.55400 level provided support for the price. This led to a retracement back up to the resistance of the bearish trend line. It respected this resistance and continued with its initial downward bias.
Overall, the price action showed respect for the trend line resistance, although there was a slight breach in mid-June 2023. This breach is seen as taking liquidity to break through the demand level at 0.58000.
NZDUSD Short-Term Trend: Bearish
Current price action is showing a bearish trend, with a break in the market structure and a decline below the 0.58000 price level. It is anticipated that the Fair Value Gap will be filled soon, leading to a breach of other demand levels.
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