NZDUSD Price Strength Dips Lower

Market Analysis- NZDUSD Price Strength Dips Lower Beyond the 0.61200 Key Level

NZDUSD price strength dips lower beyond the 0.61200 key level. The bearish tendency is already improving its selling strength lower than the 0.61200 key level. As a result of the price’s inability to first break through the strong key level of 0.6120, there have been a few aggregations in the price action. There is currently an opening in the value of the NZDUSD market below 0.61200 on the daily chart.

NZDUSD Trade Levels

Resistance Levels: 0.69300, 0.65700
Support Levels: 0.63900, 0.61200

The bearish phase has significantly impacted the value of the NZD/USD currency pair. Before any further rally could develop, the key level of 0.69300 was first broken by the selling displacement. The price dropped to another significant key zone below 0.65700 because of the increased volume of sales activity. On the other hand, the sellers eventually succeeded in holding the buyers in check after they rallied with some nervousness back to the 0.69300 market level. The buyers had aligned their strengths to support the rally.

As a result, the market was able to recover to this powerful level, which resulted in further bearish ejection. A sharp drop provides space for a powerful bearish ejection, which will continue until the price ultimately breaks through the 0.69300 critical barrier. Following an initial bearish displacement to the market level of 0.61200, the price returned to the critical level of 0.65700. On the daily chart, a decline is currently taking place that is falling below the 0.61200 key strength.

Market Expectations

The sellers have pronounced a strong selling moment. The Bollinger Band indicator keeps trending downward as bearish orders increase on the 4-hour chart. The Price Oscillator indicator also shows bearish strength as more dips go below the 0.61200 key zone.

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