NZDUSD Sellers Drive the Market Into a Demand Zone
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NZDUSD Sellers Drive the Market Into a Demand Zone

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Azeez Mustapha

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NZDUSD Analysis – October 16

NZDUSD sellers drive the market into a demand zone. On February 25, 2021, the 0.74645 price level marked the current two-year high. Towards October 2021, the market was ranging within a boundary. The NZDUSD sellers have been in total control ever since the range got broken.

NZDUSD Significant Zones

Demand Zones: 0.5470, 0.5320
Supply Zones: 0.5810, 0.6060
NZDUSD Sellers Drive the Market Into a Demand Zone

NZDUSD Long Term Trend: Bearish

On the 21st of October, 2021, a new motive wave began as prices crashed to the downside. The first impulse swing drove the last quarter of 2021 into a new local low. This new local low was attained on the last day of January 2022. The month of February 2022 saw a bit of an appreciation in New Zealand currency value. The NZDUSD sellers took a break from the market until the year’s high was reached on the 6th of April, 2022. The swift reversal demonstrated by the moving average and the MACD indicators reveals that the bears are completely back in the market.

The third impulse swing, which began on the 6th of April, 2022, happened to be the longest impulse swing so far. With smaller fractals keeping the wave downward, prices crashed toward the 0.6060 level, the previous support level. The short rebuff at support signaled the start of the fourth impulse swing, which lasted until August 2022. On the 12th of August, 2022, the current impulse swing began. NZDUSD sellers seem to have so much confidence in this swing as they drive prices down aggressively.
NZDUSD Sellers Drive the Market Into a Demand Zone

NZDUSD Short Term Trend: Bearish

The price delivery to the downside on the 23rd of September, 2022 confirmed the formation of the order block. The 0.58136 and 0.55358 price levels marked the trading range for the current movement. Following a successful liquidity sweep below the 0.55358 low, the price moved into the trading range to absorb internal liquidity. The NZDUSD sellers are expected to keep driving the price down toward the 0.5470 demand zone.

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