NZDUSD Is Under Intense Bearish Pressure

NZDUSD Price Analysis – November 7

NZDUSD is under intense bearish pressure as it tries to navigate through the upper consolidation zone. Since ascending above the transition zone that separates the lower consolidation zone from the upper, the market hasn’t made much progress. Buyers are still overly engaged with trying to avoid a fall through the consolidation zone again. As a result, NZDUSD remains under intense bearish pressure as the market tries to hold above the transition zone.

Important NZDUSD Zones

Resistance Zones: 0.73000, 0.72260
Support Zones: 0.71300, 0.70900

NZDUSD Long-Term Trend: Ranging

After the upsurge that happened since last year from late October to early November, NZDUSD ascended to find a hold above the 0.71300 support level. The market occasionally fell below it but always rebounded from 0.70900. These acted as the support while the price was confined at the top by the 0.73000 resistance level. This continued till mid-March when bears entered the market and there was a sudden plummet in price below 0.70900.

A short stint below 0.70900 is ensured before the price recovers above 0.71300. Another ranging session ensued till the market sank below 0.70900 again. Bears remained very strong and confined the market to a lower consolidation zone with 0.69150 as support and 0.70900 as resistance. Tussles at times threatened to lift or sink the market out of this range zone. However, NZDUSD continued till the 19th of October when bulls breaks through 0.70900 back to the upper consolidation.

NZDUSD Short Term Trend: Bullish

The market can be seen on the 4-hour chart reacting around the 0.71300 price level. It first maintains a hold above it, then it dropped below it, and it is making an effort to climb above it again. This shows the intensity of the bearish pull the market is having to withstand. But buyers can be backed to fend off the pressure and return to consolidation in the upper consolidation zone.

The latest 4-hour candles are receiving support from the MA period 10 (Moving Average). The Stochastic Oscillator shows an uptrend also after recovering from the oversold zone. NZDUSD is expected to remain above 0.71300 to signal the start of another range session in the upper consolidation zone.

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