NZDUSD Poises for an Upward Retracement Due to Oversold Conditions

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NZDUSD Analysis – January 31

The NZDUSD is poised for an upward retracement due to the oversold market conditions signalled by the Stochastic Oscillator. Even though there is a possibility of a bounce, the prevailing sentiment in the broader market suggests a bearish inclination. The ongoing retracement may be followed by the potential resumption of the overarching bearish trajectory that characterizes the current market conditions.

NZDUSD Key Levels

Demand Zones: $0.60840, $0.57730
Supply Zones: $0.63690, $0.65380

NZDUSD Long-Term Trend: Bearish

The Fair Value Gap (FVG) emerged following a substantial decline in July 2023. Intense selling activity in the premium trading zone led to a considerable drop, and the price continued to slide without significant retracement until reaching a notable bottom at $0.58590. The retracement concluded after testing the $0.60560 price level. The downward trend persisted, eventually reaching a low of $0.58590.

The Forex signals from the Stochastic Oscillator indicated an oversold condition, leading to a bullish shift. This led to a rally that nullified earlier lows until the Fair Value Gap in the premium zone was filled. The subsequent return of the overall bearish trend from the premium zone resulted in a lower low, marking the initiation of a new downward impulse. According to the Stochastic Oscillator, NZDUSD is expected to retrace towards the $0.62850 supply zone before continuing the bearish trend.

NZDUSD Short-Term Trend: Bullish

Recently, the NZDUSD four-hour chart displayed a change in direction, shifting upward after a sell-side liquidity grab below $0.60840. The Stochastic Oscillator suggests that NZDUSD is expected to increase once the accumulation phase concludes and reaches the supply zone at $0.62850.

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