NZDUSD Tears Through Demand Level with Three Black Crows

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:

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

On 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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