NZDUSD Slips Toward Key Support Zone

Market Analysis – November 19

The NZDUSD price has dropped significantly, reaching the demand level of 0.58700. Earlier, the market paused briefly at 0.59890 before continuing its decline. This move aligns with bearish sentiment, targeting the next support level at 0.58020, which holds potential liquidity.

Demand Levels: 0.59890, 0.58700, 0.58020

Supply Levels: 0.61320, 0.62160, 0.67330

The presence of a bullish order block at 0.59890 initially slowed the price’s descent. However, the Moving Average (MA) period 9 maintained a position above the candles, indicating a steep downtrend. A brief retracement above the MA period 9 followed the test of the demand level but failed to surpass the MA period 21. This confirms the continuation of the bearish trend.

Since the swing low at 0.61320 was swept, the Awesome Oscillator has remained consistently below zero. This reading highlights strong bearish momentum.  

On lower timeframes, the price formed a funnel chart pattern at 0.59890, marked by higher highs and lower lows, indicating indecision. The breakout of this pattern drove the price downward to the current demand level at 0.58700. Momentum remains bearish, and the market eyes the next support level at 0.58020.

The bearish pressure continues to dominate as technical indicators signal further declines in the short term.