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Market Analysis – June 12
The NZDUSD currency pair is currently undergoing a correction phase following a significant upward surge, reaching the 0.6000 level. As the price retraces, it approaches the fair value gap, testing the resilience of the mitigation block depicted on the 24-hour chart. Market participants anticipate a substantial sell-off due to the overbought condition of the Stochastic oscillator on both lower and higher time frames.
Key Levels for NZDUSD
Demand Levels: 0.6100, 0.5900, 0.5800
Supply Levels: 0.6400, 0.6500, 0.6600
Long-term Trend for NZDUSD: Bearish
In the long-term outlook, whales in the market deliberately engineered short positions, capitalizing on liquidity sourced from the equal highs formed in April. The break of the significant zone at 0.6200 altered the overall market direction, prompting a bearish sentiment.
Following the price drop, the market has experienced a retracement, leading to a temporary halt at the breaker block located within the significant zone of 0.6200. The overbought status indicated by the Stochastic oscillator suggests a potential reversal. At present, the price action conforms to a bearish channel observable on the 24-hour chart.
Short-term Trend for NZDUSD: Bullish
Analyzing the 4-hour chart reveals a bullish market structure. However, there are indications of an imminent bearish reversal in this time frame, which is anticipated to trigger a resumption of the overall bearish trend observed on the daily chart.
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