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Market analysis – September 18
NZDUSD price retests the 0.6000 key level. NZDUSD has experienced a significant decline, with new lower lows being reached. This is while holding onto its highs of before. The dive in price began in March 2021. In late October 2022, around the 0.55000 mark, this substantial fall came to a halt.
NZDUSD Key Levels
Demand Levels: 0.60000, 0.550000, 0.52000
Supply Levels: 0.65200, 0.69800, 0.72000
NZDUSD Long-Term Trend: Bullish
In mid-December 2022, there was a breach in the market structure. This led to a shift in negative market tendencies towards the positive. This change occurred after reaching the 0.55000 level. Despite the creation of a new high, the price was unable to continue establishing new highs, pausing the previous bullish trend.
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As a result, NZDUSD price began to form a lower bottom, indicating weakness and breaking through the 0.60000 level. However, this weakness may be attributed to the price breaking through lows to gather liquidity for an upcoming upward push, suggesting that the price is currently in a pullback phase.
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It is anticipated that the 0.55000 price point will act as support and prevent further decline. The relative index indicates that the price has moved away from oversold territory, as it has surpassed the 30.0 point.
NZDUSD Short-Term Trend: Bearish
The current structure of the price has broken the previous low, creating a lower low and indicating that bears are still in control. The current strength of the price suggests a retracement, but the 0.60000 level must hold; otherwise, bulls will resume their dominance.
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