NZDUSD Has Completed Its Retracement Back to the Supply Zone

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NZDUSD Price Analysis – March 7

NZDUSD has completed its retracement back to the supply zone at 0.68610. The New Zealand dollar has shown overall weakness in the higher time frames. The failed chart reveals the general bearishness of the trend. The market reached its peak the previous year on February 24th. The market soared above the 0.72860 supply zone before it reversed.

NZDUSD Major Zones

Demand Zones: 0.65310, 0.71110
Supply Zones: 0.68610, 0.72860

NZDUSD Long Term Trend: Bearish

The market dived suddenly beneath the 0.71110 demand zone. The Moving Averages for periods nine and twenty-one crossed towards the demand zone. This confirmed the bearish impulsive move before it occurred. The dive was halted midway between the 0.71110 demand zone and the 0.86160 supply zone. The market retraced gradually towards the previous supply zone. The market completed its retracement back to the supply zone during May.

The market formed a triple top for a reversal. The moving averages of nine and twenty-one further confirmed the bearish move. The market crashed immediately after that. The market consolidated from June to October last year. The moving averages for periods nine and twenty-one gyrated sideways. The previous demand zone eventually acted as a supply zone. The high at 0.7110 was swept away before the price fell rapidly to 0.68680. The market consolidated between December and January around the supply zone. This was followed by an impulse move that reached 0.65310.

NZDUSD Short Term Trend: Bearish

On the four-hour chart, the market rose step-wise towards 0.68610. The Stochastic indicator on the daily and four-hour charts reveals that the market is overbought. The Moving Averages supported prices in reaching the supply zone. NZDUSD has completed its retracement back to the supply zone. The bears are expected to flood the market with the opportunity of the major supply zone. The bears in the market are likely to go short towards 0.65310.

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