NZDUSD Retraces to Gather Bullish Momentum

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Market Analysis – December 26

NZDUSD retraces to gather bullish momentum at the 0.6200 demand zone. The market has been on a steady uptrend since the shift in market structure on the 26th of October.

NZDUSD Key Levels

Demand Levels: 0.5600, 0.600, 0.6200
Supply Levels: 0.6450, 0.6570, 0.7000

NZDUSD retraces to gather bullish momentum

NZDUSD Long-term trend: Bullish

The daily candles rose above the Moving Average within the Bollinger Bands in October. The market had initiated a very prominent downward swing at 0.6450 in August. The daily candles pushed the upper Band of the Bollinger. The result was obvious, as several weeks later, markets were bearish. The market launched from the demand level at 0.5600 for a change of market direction. The Stochastic was already oversold at the 0.5600 demand level. The market rose gradually with the aid of Order-Blocks to the liquidity pool at 0.6450. A narrow channel has been broken to reveal the current retracement phase of the market.

Since the 20th of October, when the daily chart closed above the Moving Average, the market has just fallen below the MA. The market has pulled back to the demand level of 0.620 to shoot higher. The Stochastic already indicated the market was oversold. This caused a change in market direction at 0.560. The market has tapped the last order block before 0.6450, which has not been mitigated.

NZDUSD retraces to gather bullish momentum

NZDUSD Short-term Trend: Bearish

The demand level at 0.620 is expected to prompt the buyers to go long. Liquidity is currently resting at 0.6450. The market is expected to draw to the zone’s relative equal highs.

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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.