NZDUSD Sellers Keep Crashing the Market Downward

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NZDUSD Analysis – August 28

NZDUSD sellers keep crashing the market downward. The market’s overall trend remains bearish as the majority of the participants in the market with the highest volume of money are bears. On the 25th of November, 2021 and the 13th of January, 2022, the previous support at 0.6870 was broken and retested, respectively.

NZDUSD Significant Levels

Resistance levels: 0.6570, 0.6870
Support levels: 0.6070, 0.5760

NZDUSD Long-term Trend: Bearish

The retest of this previous support on the 13th of January, 2022, led prices to the downside until another previous support was reached. After the rejection of the 0.6570 previous support, the market rallied upward and formed higher highs and higher lows as the market environment changed to an uptrend. The resistance at 0.6870 was breached upward for a while until the market’s eight-month high was reached. The sudden reversal of the uptrend trapped some buyers in the market as they got stopped out in accordance with their sell stops. The confirmation of the MA Cross indicator after the sudden reversal and fake-out at the resistance led NZDUSD sellers to storm the market and crash it downward.

As a retest of the daily trendlines for the lows and highs occurred, NZDUSD sellers continued to crash the market downward. Since the sellers remain in the market, The market might keep respecting these trendlines until the market environment changes to the upside when it reaches the 100% level of the Trend-Based Fib Extension.

NZDUSD Short-term Trend: Bearish

On the 14th of July, 2022, the market retested the 0.6070 and formed higher lows, which respected the curve pattern on the four-hour time frame. The increase in the volume of buyers in the market caused the NZDUSD to rally upward until after the formation of the swing high on the 14th of August, 2022. Recently, an inefficiency has occurred in the market due to the high number of sellers. The inefficiency is expected to be filled before the market continues downward to take all the liquidities below the lows that respected the curve pattern above the support at 0.6070.

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