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Market Analysis: June 26
NZDUSD shows signs of resuming its bearish institutional order flow. After trading within a range since March, a bullish breakout in May pushed the price toward a resistance trendline. However, the test of the downward-sloping trendline has resulted in a resumption of the downtrend, as indicated by the Stochastic Oscillator signaling an oversold market.
Key levels to watch for NZDUSD
Demand levels: 0.6080, 0.5990, 0.5750
Supply levels: 0.6280, 0.6500, 0.6800
NZDUSD: Long-Term Trend: Bearish
The long-term trend is bearish, supported by the bearish divergence observed before the downward price movement. A lower high formed on the daily chart while a higher high formed on the Relative Strength Index (RSI).
Notably, the 0.6280 zone has acted as a significant level of support or resistance since May 2022, indicating the presence of major players in the market.
NZDUSD: Short-Term Trend: Bearish
In the short term, the trend is also bearish. A marked bearish order block is identified as a resistance region on the 4-hour chart. The divergence becomes more apparent when examining the 4-hour timeframe. As a result, the price is heading towards the 0.6080 level.
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