NZDUSD Offers Sell-Side Delivery

NZDUSD Analysis – June 13

NZDUSD offers sell-side delivery towards major support levels. The market has been bearish since the 5th of April 2022. A triple top was formed in March. This led to the bearish pressure that caused the New Zealand dollar to crash against the United State Dollar.

NZDUSD Major Zones

Resistance Levels: 0.6550, 0.6450
Support Levels: 0.6300, 0.6200

NZDUSD Long Term Trend: Bearish

The market dived towards the major demand level at $0.6220, which caused a change in the market direction. The market moved from the oversold region as the bullish candles formed above the demand level. The market ascended against the major trend from the 12th of June till the 30th of May. The bulls soared through an expanding channel. As the market ascended, two bearish daily candles were formed on the 19th and the 24th of May.

The market faced resistance at $0.6550. A double top reversal pattern set the stage for a bearish run. The stochastic indication revealed that the market was oversold. The market has continued to deliver sell-side delivery on NZDUSD. The Moving Average period nine is about to cross the Moving Average period twenty-one to the downside on the daily time frame to signify that the overall market is still bearish.

NZDUSD Short Term Trend: Bearish

The bearish candles has broken the demand level at $0.6300. The market might likely soar temporarily to retest the descending trend line. The bears are expected to reach further distance at the demand of $0.6200.

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