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NZDUSD Analysis – September 11
NZDUSD shows a sign of change in the market trend to the upside. Currently, there appear to be fewer buyers in the market due to the sudden decline of the NZDUSD in August 2022. Before the declination, the market was in an uptrend between January 28 and April 5 of this year. This price increase occurred following the conclusion of a massive sell-off last year.
NZDUSD Significant Zones
Demand Zones: 0.6030, 0.5740
Supply Zones: 0.647, 0.6720
NZDUSD Long-Term Trend: Bearish
As the NZDUSD sellers in 2021 crashed the market into January 2022, they took their profits towards the close of the January monthly candlestick. The bulls immediately took over this opportunity and drove the price to the upside with higher highs and higher lows. This upward movement of the NZDUSD continued until the price reached its premium. The price dropped sharply from this high and led to a shift in market structure that gave the bears more confidence to resume the market’s downtrend. The struggle of the bulls to drive the market upward could be seen at the 0.6470 previous support as they could only dominate the market for one day.
The double top formed on the 2nd of June shows the bulls’ intent in the market as they have relatively insufficient funds to keep the price upward. The market broke the double top’s neckline and crashed further into a discount. The bulls once again showed their willingness to take control of the market, but they were faced with the 0.6470 supply zone. Currently, the old low at 0.6050 has been taken out by the market participants. Should a shift in market structure occur now, NZDUSD might keep rallying to the upside until the 0.6470 supply zone is reached.
NZDUSD Short Term Trend: Bullish
A shift in the market’s structure has already occurred in the four-hour time frame. The NZDUSD buyers are expected to balance the inefficiency above the 0.6030 demand zone before rallying to the upside to sweep off the liquidities resting above the highs formed on and after the 12th of August, 2022.
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