NZDUSD Enters the Supply Zone at 0.6470

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NZDUSD Analysis – November 20

NZDUSD enters the supply zone at 0.6470 to execute sell orders. In anticipation of the market entering the supply zone, the bears had already placed sell orders at the 0.6470 zone. A bearish order block transpired on both the weekly and the daily time frames after a price delivery to the downside on August 26, 2022.

NZDUSD Significant Zones

Demand Zones: 0.5870, 0.5510
Supply Zones: 0.6470, 0.7030

NZDUSD Long-term Trend: Bullish

The market’s direction is downward on higher time frames. The price has been moving from internal liquidity within a trading range to external liquidity below the previous low. NZDUSD has never returned to the 0.7030 supply zone since it was retested on April 5, 2022. Price continued downward, breaking the previous 0.6470 support and gyrating below it for two months before resuming the downtrend. The gyration below the previous support level of 0.6470 led to the emergence of five consecutive bullish candlesticks, which became an order block when the price got delivered to the downside.

Exactly thirty days after the price delivery to the downside, the Moving Average Cross signaled a buy as it crossed upward accordingly. However, before the signal of the Moving Average Cross, NZDUSD had entered an oversold region, as revealed by the Relative Strength Index. From late September 2022 to early October 2022, the bears struggled inside the oversold region before finally handing over the market to the bulls. Another reason for the handover is the existence of enormous buying pressure in the 0.5510 demand zone.

NZDUSD Short-term Trend: Bullish

While the market remains bullish on the four-hour time frame, NZDUSD has begun to show some signs of a change in market direction. The recent double top is expected to be cleared as buy-side liquidity is grabbed. Once the price enters the supply zone, the bears might eventually resume their market trend to the downside.

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