NZDUSD Retraces to a Major Level to Seek Support for a Bullish Run

NZDUSD Market Analysis – March 28

NZDUSD retraces to major levels to seek support for a bullish run. The market has been rising in an expanding channel since the 28th of January. The Stochastic indicated that the market was overbought. The market crashed from the 0.6850 major level and dipped into the demand zone at 0.6540. The buying pressure at the major level prompted an increase in the market price. The market retraced to a major level at 0.6600 to seek support for a bullish run.

NZDUSD Major Levels

Supply level: 0.6850, 0.69000, 6980
Demand level: 0.65400, 0.6600, 0.6730

NZDUSD Long Term Trend: Bullish

The demand zone at 0.6600 aided the bulls in storming the market. The price soared to create a high. A channel was formed as the market ascended towards 0.6850. An expanding channel guided the daily candles upwards. The upper border of the expanding channel formed resistance in the market. The market created a double top upon reaching the supply zone at 0.6850. The market retraced back to the major level to seek support for a bullish run. A bullish surge in the market was experienced after the demand zone was tapped.

The market reached a 0.6980 supply zone. After the retracement, a breakout was prominent in the market to seek a bullish run. Multiple reversal candles have formed beneath the 0.6980 supply level. The weakness started with a bearish run from the supply zone at 0.6890. The market is currently overbought and is expected to sell heavily. There is presently a retracement on NZDUSD to seek support for the bullish run at 9.6900.

NZDUSD Short Term Trend: Bearish

A triple top is visible on the four-hour chart. The neckline has been broken. The previous resistance zone is likely to act as support at 0.6900. The Moving Average has switched positions to aid the retracement back to 0.6900. The major level is expected to prevent lower pricing in the market.

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