Market Analysis- NZDUSD Attracts Sell Pressure
Kiwi tests ground for a breakout as bears hold strong. The Kiwi (NZDUSD) is currently testing the ground with more intention for a breakout. Although the bears have yet to strongly establish their dominance this week, the pair has traded weaker over the past two days. The bulls have been attempting to initiate a strong rally, but they have faced resistance this week. Since the beginning of the year, NZD/USD has been in a weaker state. The buyers failed to break beyond the significant level of 0.63670.
Kiwi Key Levels
Resistance Levels: 0.63670, 0.62850
Support Levels: 0.59350, 0.58340
This allowed the bears to regroup and exert their strength in the new year. As a result, the price fell to as low as the 0.60600 level, which has become a testing ground for the bears. While there have been initial attempts to break through this level, the bears have thus far been unsuccessful. However, it is important not to underestimate their influence, as the bearish trend still holds significant power. It is only a matter of time before we see a breakthrough in the NZDUSD price this week.
Market Expectation
The Stochastic Oscillator indicates that sellers are holding more strength to push the price lower. Traders should prepare for a bearish breakthrough in the market and consider utilizing the best forex signals available to maximize profit potential. If sellers manage to drive the price lower, it will confirm a strong bearish trend for the Kiwi this week.
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