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Market Analysis – October 18
NZDUSD pair sees a pullback in price, breaking the market structure and signaling a shift in sentiment towards bullishness. As a result, the price started to drop as investors filled in long orders at a discounted price.
NZDUSD Key Levels
Demand Levels: 0.58900, 0.58150, 0.55650
Supply Levels: 0.62300, 0.64000, 0.65300
NZDUSD Long-Term Trend: Bullish
The demand level of 0.55650 acted as support for the bearish trend. This happened before the retreat broke the market structure in a bullish manner. It, therefore, indicates a change in direction.
Following the shift in bias, the price began to collapse, suggesting a potential decline in the market. This decline would provide an opportunity for whales to repurchase at a lower rate.
A bullish flag pattern has formed as the price retraces, coinciding with bullish price action. It is expected that the price drops will trigger the Order Block, acting as a springboard for a price pump.
NZDUSD Short-Term Trend: Bearish
The current price action remains bearish as the price hovers above the Order Block without triggering it. A change in sentiment is anticipated once the price hits the Order Block and breaks the structure for further confluence.
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