NZDUSD Stalls at 0.59890 Key Level

Market Analysis – November 12

NZDUSD initiated the current downtrend at the 0.63770 swing high and has now paused at a crucial price level. Market participants are currently vying for control at this zone, causing a temporary stall in the descent.

NZDUSD Key Levels

Demand Levels: 0.59890, 0.58700, 0.58020
Supply Levels: 0.61310, 0.62160, 0.67330

NZDUSD Long-Term Trend: Bearish

The bearish shift began when NZDUSD formed a swing high at 0.63770. The Stochastic indicator signaled an overbought market, prompting the selloff. A strong downward push followed, with a “three black crows” pattern breaking the 0.61320 key level, confirming bearish momentum. This shift was further supported by the 9- and 21-period Moving Averages, which crossed, signaling a change in market direction.

As the price declined below this level, the downward momentum started to slow. The bearish order block around the key zone added to selling pressure. However, momentum weakened significantly as price reached 0.59890. Here, the Moving Averages have converged with daily candles, signaling a potential pause in the bearish movement at this critical level.

NZDUSD Short-Term Trend: Ranging

On lower timeframes, an expanding channel has emerged around the 0.59890 level, characterized by higher highs and lower lows, highlighting consolidation. This pattern hints at the potential for reversal, especially as the higher timeframe Stochastic indicates an oversold condition. Traders should watch for a double break of structure to the upside, which would confirm a reversal and provide more reliable forex signals for a bullish shift.