NZDUSD Has Leaped off the Demand Level at $0.6220

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NZDUSD Analysis – The Market Has Leaped off the Demand Level at $0.6220

NZDUSD has leaped off the major demand level at $0.6220. The support level at $0.6220 has prompted bullish activity. The bulls successfully secured the demand level.

NZDUSD Key Levels

Resistance levels: 0.6550, 0.6450
Support levels: 0.6220, 0.6300

NZDUSD Long Term Trend: Bearish

The market experienced a reversal during April. The daily candles pressed on the Bollinger Band above. The daily candles fell below the Moving Average period twenty. The market dived aggressively to $0.6220. There was a bullish candle formed within the long chain of bearish candles. The bullish candle formed resistance in the market. NZDUSD leaped off the demand level at $0.6550. The supply level at $0.6550 ended the retracement in the market.

The market crashed once again to the demand level. The market was very bearish from the 8th of June till the demand level was tested. A bullish divergence on the RSI (Relative Strength Index) signalled a bullish move early. The RSI indicator posted a new low, higher than the 15th of May. At the same time, NZDUSD posted a new low lower than the 15th of May. This market has leaped off the demand level at $0.6220.

NZDUSD Short Term Trend: Bearish

The market experienced a shift in the structure above $0.6300 on the four-hour chart. The market has retraced to the mid-line of the Bollinger Band after that. The midline is expected to support the next resistance level at $0.6450.

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