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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 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.
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.
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