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NZDUSD Analysis – September 18
NZDUSD sellers take partial profits as the price retraces upward. The current market downtrend began in April 2022, after a return to an order block formed on the 17th of November, 2022. The return to the order block caused prices to crash downward with great momentum.
NZDUSD Significant Zones
Demand Zones: 0.5940, 0.5480
Supply Zones: 0.6130, 0.6470
NZDUSD Long-Term Trend: Bearish
On the 20th of August, 2021, the NZDUSD buyers created higher lows in the market while respecting diagonal support until a breakout occurred on the 17th of November, 2021. The market consolidated at a price level at the last bounce on the diagonal support, therefore creating awareness of sell orders placed by NZDUSD sellers. These sell orders were later filled as the price rallied upward in March 2022. NZDUSD remained between the order block and the 0.6470 support level throughout January to March. The second quarter of the year was faced with sell orders, which caused prices to decline massively to the downside.
As NZDUSD hit the diagonal support for the fourth time, it broke the diagonal support with the selling pressure incurred by the NZDUSD sellers waiting for the price to rally into the order block. On the 5th of May, 2022, the close of the last bullish candlestick was used to resume the market’s downward trend a few days after its formation. On the 14th of July, 2022, a fake-out occurred at the 0.6130 previous support level. This support level drove the price into an optimal trading entry at the premium of the swing impulse leg.
NZDUSD Short Term Trend: Bearish
The 0.6130 previous support was finally breached by the NZDUSD sellers on the 28th of August, 2022. The last retest at the 0.6130 price level led to a shift in the market structure after breaking the low formed on the 11th of September to the downside. The market is expected to rally higher beyond 0.60250 and the equilibrium (50% retracement level) into an optimal trading entry in the premium zone.
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