NZDUSD Bearish Sentiment Persists as Sellers Dominate

Market Analysis- kiwi Bearish Dive Loses Steam

NZDUSD bearish sentiment persists as sellers dominate. The Kiwi has been experiencing a downward trajectory as bearish sentiment continues to persist. The bears have been the center of focus for several months now, exerting their influence on the market. Although the currency pair was expected to breach the 0.60670 price zone, their recent attempt has triggered a reaction from buyers. This has resulted in the bears being held back, making it difficult for sellers to puncture through this key level.

NZDUSD Key Levels

Resistance Levels: 0.63780, 0.62220
Support Levels: 0.60670, 0.58570

Since the beginning of this year, the bulls have shown a lack of momentum in their pursuit of expansion. The price made a U-turn after reaching the significant level of 0.63780. Following this reversal, the bears have been pushing the price lower for several weeks. The sellers are still lingering, waiting for further opportunities to drive the price even lower.

However, the daily chart now presents buyers entering the scene. This can be seen as an opportunity for a retracement before sellers regain control. The Stochastic Oscillator, a momentum indicator, is currently at an overbought angle.

This suggests that buyers are likely to build up strong influence before sellers regain momentum. Market traders should be on the lookout for price retracements before considering potential bearish setups. However, it is important to note that the sell trend is still dominant for the Kiwi (NZD) against the USD.

Market Expectation

In the short time frame, the buyers are holding out against selling sentiment. The struggle is still likely to present itself for a while.

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