Market Analysis- May 22
NZDUSD has launched towards the 0.63170 supply level. A bullish displacement that closed the month of April successfully rose above the bearish trendline. The retest that followed the breakout has served as support for an ascent.
NZDUSD Key Levels
Demand Levels: 0.6150, 0.6080, 0.5960
Supply Levels: 0.6310, 0.6410, 0.6530
NZDUSD Long-term Trend: Bullish
The formation of a double top at the supply level of 0.6530 initiated the decline in price in February. The Parabolic SAR (Stop and Reverse) indicator signaled a downward trend at the test of the supply zone.
On the daily chart, the months of March and April had no distinct direction.
The price paddled back and forth between 0.6310 and 0.6156. The current playout of the bullish breakout has helped define the market’s direction as bullish.
NZDUSD Short-term Trend: Bullish
On the 4-hour chart, the market structure has turned in an upward direction. A break in structure on the lower timeframe has been observed as the price draws closer to the supply level of 0.6310. The stochastic is oversold on the 4-hour timeframe; hence, a return to the bullish order block before the break of structure is anticipated.
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