NZDUSD Market Trend Remains Bearish

Updated:

NZDUSD Analysis – July 24

NZDUSD market trend remains bearish. Since early last year, the market has been in a downward trend. Prior to the beginning of this downtrend, the bulls were in control of the market. The bulls stormed the NZDUSD pair after an immediate rebuff at the local low of 0.5480, which is also a significant support in the market.

NZDUSD Market Major Zones

Demand Zone: 0.5925, 0.5480
Supply Zone: 0.6530, 0.7030

nzdusd

 

NZDUSD Long-term Trend: Bearish

The price reaction after it hit the demand zone of 0.5480 led more bulls into the market. The bulls kept the price rallying upward and broke every resistance for the next eight months. In the eighth month, after the resistance level of 0.7030 was broken, the bulls began to offload their sell positions until the bears finally took over the market and drove prices downward. The daily timeframe trendline indicates that NZDUSD market trend is currently downward.

The bears started their first impulsive move by crashing the market down towards the previous support at 0.6530, and prices reacted by correcting upward till the daily timeframe trendline was hit for the third time. The price hitting the daily timeframe trendline caused prices to decline further downward until the oversold region was reached, as revealed by the Relative Strength Index (RSI). The oversold indication made the price make an upward correction till the resistance level of 0.6530 was hit.

nzdusd

 

NZDUSD Short-term Trend: Bearish

On the four-hour timeframe, the market’s outlook appears bearish. Though prices seem to be forming higher lows and higher highs, this formation is expected to continue until the market enters an overbought region and clears the liquidity of the swing high below the resistance level at 0.6530. The overall outlook on the NZDUSD market is bearish. The market is expected to keep crashing downward until the demand zone at 0.5925 is reached.

You can purchase Lucky Block here. Buy LBLOCK:

NoteLearn2.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
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.