Market Analysis – July 23
NZDUSD’s downtrend fully established itself, initially breaking out bearishly from a falling wedge and confirming further by violating the demand zone at 0.6040. The double top at the resistance zone of 0.6220 in June indicated an early trend reversal for NZDUSD.
NZDUSD Key Levels:
- Demand Levels: 0.5980, 0.5860, 0.5770
- Supply Levels: 0.6220, 0.6290, 0.6360
NZDUSD Long-term Trend: Bearish
The Moving Average period nine crossing below the Moving Average period twenty-one in June signalled the bearish reversal. The RSI (Relative Strength Index) also indicated that the price was overbought.
The market structure turned bearish as it formed lower highs and lows, leading to a bearish wedge. This pattern drove the price into the demand zone at 0.6040. Three black crows formed, leading to a bearish breakout from the wedge and pushing the price below the demand level at 0.5980. The three black crows signify strong selling momentum, corroborated by the bearish RSI readings.
NZDUSD Short-term Trend: Bearish
NZDUSD Short-term Trend: BearishOn the lower timeframe, the market structure shows a distinctly bearish trend with a steep slope, indicating strong momentum. Excellent forex signals from Telegram channels typically capitalize on such robust waves. However, traders should exercise caution as the RSI on the higher timeframe nears the oversold region, while the lower timeframe already indicates an oversold condition. This discrepancy may abruptly pause the strong selling trend.
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