NZDUSD Finally Enters an Oversold Region

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NZDUSD Analysis – November 27

NZDUSD finally enters an oversold region according to the Relative Strength Index (RSI). However, before the time price entered the oversold region, the market was typically bullish in the current impulse leg.

NZDUSD Significant Zones

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

NZDUSD Long-term Trend: Bearish

The Moving Average indicator reveals that the market’s current order flow is bullish. Similarly, the Relative Strength Index (RSI) shows that the market has been rallying for a relatively long period, with the reason being the price’s reaction at the 0.5510 support. Early last year, the market made a local high at the 0.7460 price level. Before the local high was reached, NZDUSD was rallying upward from a discount. Precisely, the local high was reached on February 24, 2021. However, the market did not swerve to the downside immediately when the local high was reached but rather first gyrated about the 0.7030 price level.

The gyrations about the 0.7030 price level lasted for weeks until the market entered an oversold region. For the first time after the gyration, the market entered an oversold region in the first quarter of 2022. From the oversold region, the price retraced upward to hit the resistance at the 0.7030 price level on April 5, 2022. The market reaction on this day to the resistance saw the price go down until the previous support level of 0.6470 was broken. The price retraced upward again, this time to execute sell orders at the mitigation block. The selling pressure in this zone caused prices to crash further.

NZDUSD Short-term Trend: Bullish

The market is currently rallying upward at an inclined angle. The market has just sought buy-side liquidity (BSL) at the previous high. Price is expected to decline towards either the four-hour trendline or the four-hour bullish order block.

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