NZDUSD Finally Halts Below the 0.68020 Level of Significance

NZDUSD Price Analysis – December 6

NZDUSD finally halts out of a varying market below the 0.68020 significant level. The market phase passes through a series of price movements in both the bulls’ and bears’ directions. The market structure faces a major consequence whenever a prospect in the market eventually takes market control to drive price movement in its desired direction. As a result of this, several levels of the price will be broken to correspond with the price direction based on the market’s prospect influence, and more new levels of significance will be created.

NZDUSD Price Zones:

Resistance Zones: 0.71920, 0.70800
Support Zones: 0.69070, 0.68020

NZDUSD Long Term Trend: Bearish

However, the present price movement is noted to evolve in a negative trend, indicating that the market is in favor of the seller’s possibility. As the price action is mainly caused by sellers, the price movement follows its bearish trend lower. After the bull’s price momentum was halted at the 0.71920 level of importance, the seller’s power developed. This was made clear by the market’s alignment with the market structure of the NZDUSD pair. The bears took control because Kiwi was about to form a double top shoulder, which is a critical price pattern in market orientation.

Following that, the price is already being exploited by the seller’s prospect. The price movement begins to settle down, following a double top-shoulder pattern. When the price halts below the 0.70800 level of price influence, a quick retest was made at that level to indicate price rejection by the buyers and sellers’ continuation. The market, therefore, establishes itself to follow the downward trend in a bearish movement, attacking several price levels. Furthermore, the Kiwi price influence halts below the 0.68020 level, and the bears succeed in ridding above this level. The Bollinger Band indicator on the 1-day chart presents price downtrend motion as the price keeps reacting near the lower band.

NZDUSD Short Term Trend: Bearish

The price favors the bearish market as it signifies a significant drop. The market continues to ride lower as the price is being impacted by the flow of lower prices. Kiwi is calling for a return back to the 0.68020 level before bearish continuation as the Parabolic SAR (Stop and Reverse) signifies downtrend dots following the price movement. NZDUSD is therefore meant to proceed downward after its quick return to the 0.68020 level.

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