NZDUSD Analysis – May 23
NZDUSD makes a bullish retracement within the downtrend. The market trend is obviously bearish on the daily timeframe. The market has formed a stair-step pattern to lower prices. The market reversed in April from being bullish to bearish. After the reversal, a wave of impulsive and correction moves has been following each other consistently. The correction is seen in the sideways movement of the market in consolidation. The impulsive moves are seen in the large and consecutive bearish candles. The impulsive moves after the reversal have occurred in the form of breakouts to the downside.
NZDUSD Major Zones
Resistance levels: 0.68150, 0.65620
Support levels: 0.62310, 0.64220
NZDUSD Long Term Trend: Bearish
The market reversed in April after a major low failed to hold. On the 29th of May, the low of the day formed the last low before the reversal. The bearish candle formed on the 8th of April confirmed a trend change as it swept past the low. A bullish retracement was spotted on the 12th of April. The bullish candle struck the Moving Average period of eighty-nine (red).
The Moving Average formed resistance in the market. This caused the bears to sell heavily. The Moving Average period two hundred eventually confirmed the bearish trend. The price of NZDUSD fell for four consecutive days. The market dip was temporarily halted on the 19th of April. A swing low formed, which led to a bullish retracement. The market faced resistance at $0.68510. The bears continued the downward move from the resistance zone.
NZDUSD Short Term Trend: Bullish
The last impulse on the daily chart was initiated on the 5th of May. There was a breakout of the market range. The market dipped to $0.632. On the higher timeframe, the market is currently experiencing a very bearish but currently bullish retracement. An uptrend can be seen in the lower timeframe with an impulse to the upside. The market is expected to resume its bearish move at $0.64220 to aim for $0.6231.
How To Buy Lucky Block
Note: Learn2.trade 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.
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.