NZDUSD Will Continue to Fall as the Bears Keeps Pushing Price Downward

NZDUSD Price Analysis – September 12

NZDUSD will continue to fall as the price keeps making a downward movement. The price retested the 0.71620 resistance zone before bouncing back to the 0.70740 support zone. There appears to be a bullish rejection as the price continues to respond to the 0.71620 key level. Sellers have now stepped in to take the price downward. The market is expected to reach the key level of 0.70740 before breaking past it.

NZDUSD Significant Levels

Resistance Levels: 0.73160, 0.72070, 0.71620
Support Levels: 0.70740, 0.69000, 0.68000

NZDUSD Long Term Trend: Bearish

The NZDUSD market began consolidating as there appears to be price reluctance. Before the consolidation period, the price initially broke through the key level of 0.70740. However, the price reached its greatest high of 0.73160 before resuming its downward trend. As the market continues to fall precipitously, there appears to be a big pullback around the 0.72070 and 0.71620 key levels before reaching the 0.69000 support level.

However, a reversal happened at this level, and the market subsequently ranged between 0.70740 and 0.69000 important key levels before falling lower to 0.68000 significant key levels. The market subsequently had a bullish recovery, rallying back to 0.71620, but is now set to resume falling. As the Stochastic Oscillator indicator indicates a golden cross around 80.00, the price movement is likely to return to 0.70740, which will push the price into the overbought region. This indicates that the sellers are now in ascendancy.

NZDUSD Short Term Trend: Bearish

On the 4-hour chart, the price is shown ranging after a bullish rise with higher lows and highs. The Bollinger Band depicts price movement along with the middle band when the price is expected to fall. The Stochastic Oscillator indicator also shows price falling as it approaches the 0.70740 critical level.

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