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Market Analysis – August 28
NZDUSD price continues its downward spiral, driven by the relentless strength of the United States Dollar against the New Zealand Dollar. This unrelenting pressure has been orchestrated by market whales, who strategically capitalized on liquidity for short positions by triggering buy stops located just above the significant resistance level at 0.6350. The evidence of the impending bearish trend was underscored by the convergence of multiple technical indicators, all pointing to a market shift.
Critical Levels For NZDUSD
Supply Levels: 0.6400, 0.6230, 0.6100
Demand Levels: 0.5900, 0.5840, 0.5730
NZDUSD Long-term Trend: Bearish
NZDUSD Long-term Trend: BearishOne noteworthy technical signal was the emergence of the Parabolic SAR (Stop and Reverse) dots. The indicator revealed a clear signpost after the market had reached a swing high of 0.6499. Preceding the Parabolic SAR’s appearance, the MACD (Moving Average Convergence and Divergence) indicator had already been sounding the alarm for an oversold market condition, suggesting that the trend was poised for a downward trajectory.
In a lead-up to the events in August, a pullback had occurred. This provided the opportunity for the Moving Averages with nine and twenty-one periods to establish a dominant position above the daily candlesticks. This strategic positioning underscored the prevailing downtrend and solidified the notion that bearish sentiment was firmly in control.
NZDUSD Short-term Trend: Bearish
NZDUSD Short-term Trend: BearishZooming into the short-term view, the bearish sentiment was reinforced on the 4-hour chart, reflecting the overarching market structure. This structure revealed a conspicuous break in the bearish direction across lower timeframes as well. The MACD indicator, a steadfast tool for gauging momentum, validated this downward shift in trend. This shows the likelihood of further price depreciation.
Market analysts anticipate that the NZDUSD price is headed towards the next significant demand level, projected at 0.5800. This forecast aligns with the persistently bearish outlook and highlights the depth of the ongoing price correction.
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