NZDUSD Sellers Relentlessly Beset the Market Again With Sell Orders

NZDUSD Analysis – September 25

NZDUSD sellers relentlessly beset the market again with sell orders. Ever since the continuation in price declination on the 12th of August, 2022, the market has been crashing down so hard towards the oversold region. Before the continuation of the market’s declination, the market had been bearish while forming lower swing legs. Early this year, the market appeared to be in a bullish season until a sudden U-turn in price on the 3rd of April, 2022.

NZDUSD Significant Zones

Demand Zones: 0.5810, 0.5560

Supply Zones: 0.6130, 0.6570

NZDUSD Long-Term Trend: Bearish

The overall market’s order flow is in a downtrend. On January 28, 2022, quite a moment in the market as they successfully rallied prices to a local high at 0.70340. The market kept rallying upward, doing so with increasing momentum as it formed higher swing legs. The previous demand zone at 0.6130 was again used by the bulls to reject prices upward on July 14, 2022, until the NZDUSD sellers beset the market after bouncing off the diagonal resistance. This diagonal resistance began its course on the 15th of March, 2022, when it was used to bounce off price upward.

The trend line was later broken to the downside in late April when the NZDUSD sellers aggressively crashed the market into an oversold region. Since the moving averages crossed downward in April, prices have been declining as the bulls could not drive prices beyond the previous highs. On the 12th of September 2022, a propulsion block was formed. This propulsion block ignited the massive crash in the market as more bears confidently beset the market and drove prices downward.

NZDUSD Short-Term Trend: Bearish

The market resumed its downtrend after a change of character on the four-hour chart. The NZDUSD sellers seem not ready to hand over the market to the bulls at the moment. With the liquidity void left behind as the price fell sharply, the NZDUSD is expected to retrace into the order block and crash even further.

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