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Market Analysis – May 29
The NZDUSD price has dived below the 0.6080 support level. The support level has defined the ranging market since the 24th of February. The resistance level of 0.6320 has served as the upper border of the long-term consolidation. The forceful break of the support level is expected to create a strongly trending market after a long period of stiffness.
NZDUSD Key Levels
Supply Levels: 0.6320, 0.6420, 0.6540
Demand Levels: 0.6150, 0.6080, 0.5840
NZDUSD Long-term Trend: Bearish
The NZDUSD price has just escaped from a consolidation phase that appeared to be the result of massive price swings in the past. NZDUSD formed steep slopes of about a thousand pips during the price crash and pump in the second half of the previous year.
The New Momentum Indicator revealed the impressive momentum of the Kiwi market. After the exhaustion of the buyers at the beginning of the year, the price declined steadily into consolidation. The Parabolic Stop and Reverse (SAR) indicator showed buy and sell opportunities at the test of the support and resistance levels of 0.6150 and 0.6310.
NZDUSD Short-term Trend – Bearish
The breakout of the range is expected to drain the price to the next significant support level of 0.5970. A pullback is therefore anticipated towards the bearish order block above 0.6150 for shorting opportunities as the Stochastic is oversold.
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