NZDUSD Shows Signs of Change in the Market Trend

Updated:

NZDUSD Analysis – August 14

NZDUSD shows signs of change in the market trend. Until the change of character (CHOCH) on the daily timeframe, the market had been sinking downward. The overall downtrend began on the 5th of April, 2022, which was confirmed by the MA Cross (9, 12). Before that, the market was in an uptrend which began on the 31st of January.

NZDUSD Market Zones

Supply Zones: 0.6570, 0.7030
Demand Zones: 0.6190, 0.6060

NZDUSD Shows Signs of Change in the Market Trend

NZDUSD Long-Term Trend: Bullish

The market’s reaction to the supply zone at 0.7030 pushed prices down to the 0.6190 demand zone. On the 3rd of June, 2022, the bulls successfully drove the prices to the previous demand zone at 0.6570 and into an oversold region as indicated by the RSI indicator, where the market retested the level and continued its downtrend until it hit the demand level at 0.6190, retested it and formed the last high before hitting the demand zone at 0.6060.

The retest and price action of the market at the price level of 0.6570 further confirmed the importance of the zone as it turns to resistance. As the price fell further, it cleared the liquidity below the relatively equal lows at the 0.6190 support level. The market further moved downward to hit support at 0.6060. The formation of the bullish hammer at the end of the downtrend and the change in character on the daily timeframe indicate a sign of trend reversal.

NZDUSD Shows Signs of Change in the Market Trend

Short-Term Trend – Bearish

The market trend on the four-hour timeframe is bullish, as confirmed by the change in character and the trend-line on the timeframe. This uptrend began on the 14th of July, 2022. The market’s reaction above the daily’s CHOCH horizontal ray and across the trend-line showed that the bulls are currently finding it difficult to keep the market going upward. A Rejection is therefore expected downward to the order block above the 0.6190 support.

You can purchase DeFi Coin here: Buy DEFC

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.