NZDUSD’s Bullish Strength Declines

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RESULTS

Market Analysis – January 29

NZDUSD’s bullish strength declines as the market reaches higher prices. The slope of the uptrend is now gentle as the market rises.

KIWI Key Zones

Resistance Levels: 0.650, 0.700, 0.750
Support Levels: 0.620, 0.560, 0.500

NZDUSD Long-Term Trend: Bullish

NZDUSD’s price declined steadily as the market formed lower highs and lows last year. In September, the bearish slope was very steep. The market dived to the demand level of 0.560. The ADX (Average Directional Index) revealed the magnitude of the sell-off. The ADX rose above 40 to show the strength of the bulls.

The buyers seized control of the market at the 0.560 demand level. The Parabolic SAR (Stop and Reverse) formed below the daily candles. The market rallied to the supply level of 0.650. The market saw a 17.5% rise from October to December. A retracement phase kicked in after the supply level of 0.650 was reached. The market descended into an unmitigated order block at 0.620 to gather bullish momentum. The ADX’s (Average Daily Index) decline has been observed as the market resumes its uptrend. The bullish strength is waning as the buyers recover from the retracement.

NZDUSD Short-Term Trend: Bullish

On the lower time frame, a parallel channel is forming. An evident displacement above the 0.650 level is expected to foster the ascent in price to 0.700.

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