Market Analysis – October 10
NZDUSD encounters significant resistance at the 0.64100 level. Despite numerous efforts, pricing was unable to break beyond the 0.64100 barrier, ultimately plummeting.
NZDUSD Key Levels
Demand Levels: 0.60700, 0.58200, 0.55500
Supply Levels: 0.64100, 0.65850, 0.67200
NZDUSD Long-Term Trend: Bearish
NZDUSD pair exhibited a bearish outlook as it encountered the 0.64100 level. This level served as a barrier, causing liquidity removal and triggering an order block. The lack of new higher highs further confirmed the negative bias.
The rejection of the order block led to a breakdown in the market structure, resulting in a downward movement in prices to reach demand levels.
Although there is currently a pullback phase, the Relative Strength Index indicates that the price is nearing the overbought region at 70.0. After the retracement, it is expected that the price will target the 0.58200 demand level to break it.
NZDUSD Short-Term Trend: Ranging
There is no clear indication of price movement as it remains ranging. However, the Daily Bias and the Relative Strength Index indicated that the retracement phase appears to be nearing its end, which shows that the price is in the overbought region.
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