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NZDUSD Analysis – October 2
NZDUSD buyers stormed the market on October 2, 2021, as they re-entered the uptrend at the bullish order block. The bias of most participants in the market remains bearish, as it was until the confirmation of the market structure shift in the fourth quarter of last year.
NZDUSD Significant Zones
Demand Zones: 0.5670, 0.5460
Supply Zones: 0.6000, 0.6570
NZDUSD Long-Term Trend: Bearish
The market’s two-year high was formed on February 25, 2021. As the market crashed down away from the local high, a bearish order block was formed on the 10th of June, 2021. This bearish order block was later used to reject prices to the downside, weeks after its formation. On the 29th of September, 2021, before the massive crash was caused by the bearish order block, prices began to respect new diagonal support. The diagonal support was used by the NZDUSD sellers to ride the price to the downside. On the 28th of January, the diagonal support and the previous demand zone were used by the market participants to drive the price upward into the bearish order block. This bearish order block caused a massive downward crash.
With the NZDUSD sellers still riding the diagonal support downward, prices continued to form lower highs and lower lows. On the 2nd of June, 2022, a bearish order block was used to repel the bullish movement on one bounce to the downside. The current impulse wave began after the price filled in the bearish order block that was formed on the 30th of August, 2022. The market is currently in a consolidation phase as the RSI indicator reveals that the market is currently oversold. A correction upward is probable when the price breaks out of the range.
NZDUSD Short Term Trend: Bearish
After the reaction of the price towards the daily order block, the NZDUSD sellers have been relentlessly crashing the market downward. The four-hour chart confirms a shift in the market structure, as prices have broken through the previous high. Due to the shift in market structure to the upside, more buyers are expected to continue to drive the market upward until a higher timeframe PD array is reached.
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