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

Updated:

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

How To Buy Lucky Block 

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.