Market Analysis – February 26
NZDUSD has turned bearish on the daily timeframe. The third test of the downward trendline has fostered a selloff in the market.
NZDUSD Key Zones
Demand Zones: 0.620, 0.590, 0.560
Supply Zones: 0.650, 0.670, 0.700
NZDUSD Long-term Trend: Bearish
Last year, the NZDUSD market experienced its first major break of structure (BOS) on the 26th of April. A bearish trendline was anchored at the supply level of 0.700. The Bears stormed the market when the Stochastic was overbought. The bearish trend was weak between May and August. The second major break of structure (BOS) occurred on August 29th. The market dived straight to 0.560.
In October, a shift in market structure was experienced. A change of character (ChoCH) was obvious after the test of the support zone of 0.560. The price took off to attack the supply level of 0.640. The buyers experienced difficulty breaking the resistance level. The market consolidated until the daily candles tested the bearish trendline on the daily chart.
NZDUSD Short-term Trend: Bearish
A bearish reversal played out successfully after the test of the bearish trendline. The test of the bearish trendline pulled the market from the overbought level. An unmitigated order block rests at 0.650. The stochastic is oversold. A retracement back to the bullish order block is currently anticipated for a continuation of the downtrend.
Do you want to take your trading to the next level? Join the best platform for that here
- Broker
- Min Deposit
- Score
- Visit Broker
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Award-winning Cryptocurrency trading platform
- 14 Cryptoassets available to invest in
- FCA & Cysec regulated
Highly volatile unregulated investment products. No EU investor protection.
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus