The NZDUSD Support Zone Becomes Threatened

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Market Analysis – April 3

NZDUSD price experienced a decline after reaching the descending trendline on the daily chart. The market tested the descending trendline at the supply zone of 0.6500. The price has fallen to the support level of 0.6100.

NZDUSD Key Levels

Resistance Levels: 0.6500, 0.6990, 0.7190
Support Levels: 0.6100, 0.5830, 0.5550

NZDUSD Long-term Trend: Bearish

Major highs on the 24-hour chart were formed in November and April 2022. During these periods, the market tested resistance levels as the Williams Percent Range (Williams R) indicated the market was overbought. This caused a decline in the price of the NZDUSD. The major highs have been anchored by a descending trendline on the 24-hour chart. After several months, the market returned to the bearish trendline.

The sellers utilized the opportunity at the test of the 0.6550 key level. The Williams Percent Range revealed the market was well overbought. The Parabolic SAR (Stop and Reverse) indicator formed points above the daily candles to indicate bearishness. The price decline has been halted at the support level of 0.6100. The test at 0.6100 caused a bounce off the significant level. The Buyers appear to defend the zone.

NZDUSD Short-term Trend: Bearish

On the lower timeframe, 4-hour candlesticks are well assembled in a gently sloping parallel channel. While the Williams Range is overbought on the daily chart, the Williams Range is already recovering from the overbought zone on the four-hour chart. A bearish breakout is anticipated to attack the support level of 0.6100 once again.

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