NZDUSD Orders Drop as the Market Ascends the Bearish Trend

Updated:

NZDUSD Analysis – June 6

NZDUSD selling pressure increased significantly after a bearish order block was tested on the 20th of April. The bearish order block rested at 0.6810. The market crashed for the next three weeks after the test of the bearish order block. There were only two bullish days on the 4th and 11th of May during the bearish trend.

 

NZDUSD Key zones

Resistance Zones: 0.6810, 0.6550

Support Zones: 0.6200, 0.6710

NZDUSD Orders Drop as the Market Ascends the Bearish Trend

NZDUSD Long Term Trend: Bearish

The sell-off that occurred on the 21st of April resulted in invalidating the lows formed on the 31st of January. The volume indicator revealed a consistent increase in market orders since the 20th of April. The volume indicator peaked on the 12th of May. The 12th of May was the last day of the bearish trend as the market reached the demand level at 0.6200.

 

The RSI (Relative Strength Indicator) revealed that the market was oversold on the 12th of May as the market reached the demand zone at 0.6200. Ever since the demand zone was struck, the market’s orders have experienced a continuous drop, as seen on the volume indicator. The Relative Strength Index reveals that the market is currently bullish. The market ascended to the daily low on the 31st of January.

NZDUSD Orders Drop as the Market Ascends the Bearish Trend

NZDUSD Short Term Trend: Bearish

The market reached 0.6550 on the 30th of May. The bulls are currently facing resistance at 0.6550. The market ascended through a bullish channel to get to the resistance level. There is an obvious breakout of the ascending channel on the four-hour chart. This has also been a retest followed by the breakout of the parallel channel. The market is likely to resume its bearish trend. The lower time frame breakout on the higher time frame resistance level will likely transcend a bearish market shift on the daily chart. The bears are expected to drive towards the previous demand level at $0.6200 to continue the bearish trend.

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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.