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Market Analysis – June 19
NZDUSD is presently undergoing a corrective phase after experiencing a significant shift towards the prominent value of 0.6000. This displacement has attracted attention, and now the price is drawing closer to the fair value gap, seeking to test the effectiveness of the mitigation block in the 24-hour timeframe. Traders and analysts are anticipating a massive sell-off due to the current overbought condition signaled by the Stochastic indicator across both lower and higher timeframes.
NZDUSD Key Levels
Demand Levels: 0.6100, 0.5900, 0.5800
Supply Levels: 0.6400, 0.6500, 0.6600
NZDUSD Long-term Trend: Bearish
Analyzing the long-term trend of NZDUSD, it becomes apparent that influential market participants, commonly referred to as “whales,” strategically executed short positions. These traders sourced liquidity from the equal highs formed in April. The pivotal point came with the break of the significant zone at 0.6200, signaling a shift in market direction towards bearish sentiment.
As the market progressed, a pullback occurred, bringing the price to a breaker block positioned within the significant zone of 0.6200. This level holds particular significance in market analysis. The Stochastic indicator, a popular technical tool, indicates that the price has become overbought, suggesting a potential reversal in the near term. Presently, the price action of NZDUSD is characterized by a bearish channel observable on the 24-hour chart.
NZDUSD Short-term Trend: Bullish
The market structure observed on the 4-hour chart exhibits a bullish pattern. However, there are indications of a bearish reversal on the horizon, which could potentially disrupt the current bullish momentum. This reversal, once materialized, is expected to resume the overall bearish trend observed on the daily chart.
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