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Market Analysis – April 9
NZDUSD has experienced a bearish displacement after testing the supply level of 0.6350. A fair value gap above the key level of 0.6230 shows the sell side’s inefficiency, which can create more shorting opportunities for the Bears.
NZDUSD Key Levels
Demand Levels: 0.6350, 0.6500, 0.6600
Supply Levels: 0.6230, 0.6090, 0.5770
NZDUSD Long-term Trend: Bearish
NZDUSD market experienced an up-close day at 0.6500, which served as a trigger for a down trend. The Stochastic had already indicated the market was overbought. Shortly after, a prominently long daily candlestick caused a bearish shift in the market structure. The Moving Averages (Periods Nine and Twenty-one) crossed to show the change in market direction from bullish to bearish. The 24 hour candlesticks assembled accordingly within a descending wedge pattern in order to deliver to the support zone of 0.6090. A bullish breakout played out on the 13th of March.
The sellers have seized control by piercing below the swing low of 0.6200. The rising wedge that formed immediately after the bullish breakout from the falling wedge has been invalidated. The pin bar candle that formed on the 0.6350 resistance level revealed the sharp rejection of the sellers. The Stochastic indicator showed that the pin-bar candle that formed on the 5th of April was in the overbought region. This eventually fostered a purge in the market.
NZDUSD Short-term Trend: Bearish
A fair value gap has formed between 0.6350 and 0.6200. Since the Stochastic is oversold on both the daily and Since the stochastic is oversold on both the daily and 4-hour timeframes, a pullback to the fair value gap is anticipated to provide more shorting opportunities.
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