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Market Analysis – October 27
NZDUSD reverses as the price breaks through the 0.63650 level. This indicates a bullish break in the market structure. However, the price is beginning to establish regular lower lows, causing the price to retrace.
NZDUSD Key Levels
Demand Levels: 0.60300, 0.58000, 0.55250
Supply Levels: 0.63650, 0.65600, 0.67300
NZDUSD Long-Term Trend: Bullish
Due to the bullish break in the structure, the bearish trend came to a halt. The supply level of 0.63650 was breached by a price rise.
However, the bullish momentum in the price ceased when it reached the 0.65600 supply level. Price retracement occurs as a result of this.
Since the market is currently retracing well below the 0.5 Fibonacci line, the price is in a discount area and getting ready to buy. Price is expected to reach the Breaker Block, after which there will be a bullish market change as a confluence for bullish price action.
NZDUSD Short-Term Trend: Bearish
The current price action is indicating a bearish trend as a result of the recent formation of a lower low. However, the overall bias remains bullish, and the price is approaching the Breaker Block, which is expected to trigger a reversal in the current trend.
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