Market Analysis – November 14
NZDUSD Resumes Downward Trend premium range. NZDUSD price crashed after a false bullish breakout above 0.6040. The speed of the price delivery to the demand level of 0.5770 was very quick.
The support level of 0.5860 was broken to continue the down. trend. The impulse price delivery gave room for market inefficiency at the premium of the bearish swing.
NZDUSD Key Levels
Demand Levels: 0.5880, 0.5770, 0.5680
Supply Levels: 0.6400, 0.6230, 0.6040
Long-Term Trend: Bearish
The market is respecting a bearish trendline anchored on July’s High. The third test of the bearish trendline was witnessed earlier this month. The Stochastic signified an oversold market at the third thirst of the bearish trend line.
The price rose from the demand level of 0.5780 in November. The region of market inefficiency occurred to correlate with the test of the bearish trend. Down close daily candles have aligned consistently since the test of the bearish trendline. The pull back to the premium zone set the stage for the bearish trend continuation.
Short-Term Trend: Bearish
The price is currently driving towards the demand level of 0.5850. That Parabolic SAR (Stop and Reverse) also support shorts on the 4 hour chart. The liquidity resting below the swing low of 0.5770 is expected to serve as a price magnet.
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