NZDUSD Retests Resistance Zone

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Market Analysis – April 5

The NZDUSD pair has recently undergone a significant shift as it emerged from a consolidation phase with a bearish breakout in mid-March. This consolidation was delineated by the notable resistance level of 0.6200 and the supporting level of 0.6040. Following the breakout, the descent led to a test of a critical support level at 0.5860, accompanied by a discernible downtrend marked by bearish Smoothed Heikin Ashi candles. Subsequently, the market has witnessed a rebound, with prices retracing to the previously breached support level of 0.6040, now assuming a newfound role as a resistance barrier.

Key Levels for NZDUSD

• Demand Levels: 0.5940, 0.5860, 0.5770
• Supply Levels: 0.6200, 0.6390, 0.6400

NZDUSD Long-term Trend: Bearish

A bullish trajectory, initiated in November, propelled prices upward along a steep bullish trendline until reaching the supply zone around 0.6390. However, the rupture of this trendline signified the inception of the current bearish phase, further affirmed by the transition of Smoothed Heikin Ashi candles from green to red. These indicators have emboldened analysts to issue short forex signals from the daily timeframe on the NZDUSD pair.

Resistance persisted within the 0.6200 region, clashing with support at 0.6040, leading to the formation of a double top pattern before the neckline breach. Following a Return to Order (RTO) block, intensified selling pressure resulted in a triumph for sellers.

NZDUSD Short-Term Trend: Bullish

The recent bearish breakout beneath 0.6040 precipitated a descent towards the pivotal support at 0.5940. Notably, on the 4-hour chart, a discernible shift towards a bullish market structure has materialized. The former support level at 0.6040 now serves as a formidable resistance point. The impending release of Non-Farm Payroll (NFP) data in the upcoming hours holds significance in determining market sentiment. A breach above 0.6040 is anticipated to catalyze a new bullish trajectory, while a failure to do so may sustain the prevailing downward momentum.

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