NZDUSD Executes Its Double Top Pattern to Push Further Downward

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NZDUSD Price Analysis – November 29

NZDUSD executes its double top formation to sink the price back to 0.68000. Since the price ascended to the 0.71500 key level on October 20th, the market has been unable to withstand the bears’ pressure. The market can be seen accumulating at two key levels to try to stop the fall in price. Price accumulation can be seen at 0.71040 and 0.69880, but this doesn’t stop the fall in price as NZDUSD executes a bearish formation.

NZDUSD Key Levels

Resistance Levels: 0.69460, 0.71500
Support Levels: 0.68000, 0.65330

NZDUSD Long Term Trend: Bearish

The market has been undergoing a period of intense consolidation for the past two months, starting from June 16th, 2021, till August 2021. Thereafter, the market broke out downward to 0.68000. Nevertheless, bulls pushed the market upward, breaking through several price levels to reach 0.71500, where the market was rejected. What followed was a drop around the 0.69460 significant level.

The NZDUSD would rally again from 0.69460, this time breaking through the resistance at 0.71500. Bearish pressure resumed on the market at this point as price executes the formation of a slanting double top pattern. Brief periods of accumulation occurred at 0.71040 and 0.69880, but they were powerless to stop the drop in the market. Price eventually breaks through the neckline of the double top pattern and drops back to 0.68000.

NZDUSD Short Term Trend: Bearish

Reactions at the current significant level of 0.68000 will determine the next trajectory of the market. If the price falls below the level, the NZDUSD is expected to fall even further to 0.65330. In a contrary situation, the price will rally back to 0.69880. The Relative Strength Index is currently hovering around the oversold region already.

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