Market Analysis – October 16
NZDUSD has reached a critical juncture, hitting a key bullish order block at 0.60820. Notably, bullish order blocks often serve as a springboard for buying positions, and its test has already sparked the formation of bullish candles, indicating potential support for an upward reversal. Consequently, traders are eager to see if this level will hold and reverse the recent downward trend.
NZDUSD Key Levels
Demand Levels: 0.60820, 0.60150, 0.58500
Supply Levels: 0.62600, 0.63360, 0.64120
Supply Levels: 0.62600, 0.63360, 0.64120
NZDUSD Long-Term Trend: Bullish
Initially, the current price descent was signalled and initiated by a gravestone doji, a bearish candlestick characterized by a long upper wick and no lower wick. This candlestick indicated increased selling pressure and a likely shift toward bearish momentum.
The price decline was soon reinforced by the formation of three black crow candles, which underscored strong bearish pressure and drove prices lower. Meanwhile, Moving Averages (9 and 21 periods) continued to guide the daily candles downward, confirming the prevailing trend. However, the 0.60820 bullish order block has successfully stalled this decline, prompting a retracement toward a nearby bearish order block.
NZDUSD Short-Term OutlookCurrently, NZDUSD is range-bound on lower timeframes between a higher-time frame bearish order block and the recent bullish order block. Crucially, the next significant move will depend on whether the bullish or bearish order block fails to hold. Specifically, a failure of the bearish order block to hold could drive prices down to the next demand level at 0.58500, whereas a sustained bullish reversal could propel the price up to the supply level of 0.62600. Ultimately, this upcoming test will be pivotal for setting the direction of NZDUSD.
Make money without lifting your fingers: Start using a world-class auto trading solution.
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
9.8
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
9
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
9.8
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
9
Learn to Trade
Never Miss A Trade Again
step 1
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
step 2
Get Alerts
Immediate alerts to your email and mobile phone.
step 3
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.
