NZDUSD Shows Signs of Decline as The Price Expands Further

Service for copy trading. Our Algo automatically opens and closes trades.

The L2T Algo provides highly profitable signals with minimal risk.

24/7 cryptocurrency trading. While you sleep, we trade.

10 minute setup with substantial advantages. The manual is provided with the purchase.

79% Success rate. Our outcomes will excite you.

Up to 70 trades per month. There are more than 5 pairs available.

Monthly subscriptions begin at £58.

L2T Algo

TELEGRAM

RESULTS

 

NZDUSD Analysis – December 12

NZDUSD shows signs of decline as the price expands further into the overbought region, according to the RSI (Relative Strength Index). However, the indication of the Moving Averages, still shows that the market’s overall trend is bullish. Following the emergence of the impending decline, NZDUSD is likely to resume its uptrend after a short while.

NZDUSD Key Levels

Demand Zones: $0.5810, $0.5510
Supply Zones: $0.6410, $0.6540

NZDUSD Long-Term Trend: Bullish

Prior to the notable decline, which lasted between July 2023 and October 2023, the market was in a bullish trend. In June 2023, the market was under the influence of the bulls’ buying pressure. According to the RSI, the market was typically far from overbought. However, the price kept skyrocketing, notably in fractals, until it hit the supply zone at $0.64100. Moreover, NZDUSD also became overbought according to the indication of the RSI.

The indication of the overbought state by the RSI, as well as the selling pressure from the supply zone, led to a massive decline. With no reluctance, the bears exited the market as the reversal began immediately. The emerging decline lasted till NZDUSD reached the demand zone of $0.58100. Eventually, the bulls returned to the market, ensuring a change of character to the upside. The minor resistance at $0.6050 was first invalidated, giving rise to a massive breakout of the price to the upside.

NZDUSD Short-Term Trend: Bullish

The four-hour chart is clearly characterized by a BOS (Break Of Structure) to the upside. Since the formation of the swing low at $0.5850, the market has been expanding in fractals to the upside. However, a major correction to the downside is impending as the price approaches the diagonal resistance.

Do you want to take your trading to the next level? Join the best platform for that here