NZDUSD Is Bracing for a Price Reversal Near a Support Level

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NZDUSD Analysis: Price Is Bracing for a Rebound Near the 0.65940 Market Level

NZDUSD is bracing for a price rebound near the 0.65940 level of influence. The buyers are on the edge of continuing in their motion to manipulate price influence in their direction. They will take over the resources due to their pending order near the 0.65940 significant level. Therefore, the market is bracing for a bullish continuation after a retest at this level.


NZDUSD Price Levels:

Resistance Levels: 0.72100, 0.68630
Support Levels: 0.65940, 0.65230

NZDUSD Is Bracing for a Price Reversal Near a Support Level.NZDUSD Long Term Trend: Bearish

The sellers seemed to have the upper hand in the market through its consolidation stage. However, due to the corresponding contributions of bulls in the price phase, NZDUSD ranged between 0.72100 and 0.68630. The short sellers in the market are now beginning to gain price control as the buyers keep dropping momentum near the 0.72100 market level.

However, the bears wheeled the market speed downward as the buyers’ prospects removed their orders near the 0.72100 significant level. The sellers succeeded in cracking through the 0.68630 level due to the bears’ influx of price momentum. Furthermore, the price movement accumulated near the 0.68630 level before eventually going down. This results from market makers deciding who to control the price. The bulls, however, failed at this level, and they are content to pull the price back when it gets to the 0.65940 level of significance.

NZDUSD Is Bracing for a Price Reversal Near a Support Level.NZDUSD Short Term Trend: Bullish

The 4-hour chart shows the market phase rallying down back to the 0.65940 market zone. The moving average indicator is crisscrossing with the price order flow as the market continues to pull down to the expected level before a rebound by the bulls. The Stochastic Oscillator shows a price signal in an oversold region, ready to push up after a rebound near the 0.65940 level.

Note: Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.