{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/nzdusd-breaks-0-59850-previous-low-as-price-enters-oversold-state\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/nzdusd-breaks-0-59850-previous-low-as-price-enters-oversold-state\/","headline":"NZDUSD Breaks $0.59850 Previous Low As Price Enters Oversold State","name":"NZDUSD Breaks $0.59850 Previous Low As Price Enters Oversold State","description":"NZDUSD Analysis: Market Breaks the $0.59850 Previous Low As Price Enters Oversold State NZDUSD breaks its previous low of $0.59850 as the price enters an oversold state. A bullish expansion is likely, as the Stochastic Oscillator indicates that the market is oversold. As the price returns to the premium zone, NZDUSD sellers might exit the […]","datePublished":"2023-08-19","dateModified":"2023-08-19","author":{"@type":"Person","@id":"https:\/\/forexschoolonline.com\/author\/jonfox\/#Person","name":"Johnathon Fox","url":"https:\/\/forexschoolonline.com\/author\/jonfox\/","identifier":1,"description":"Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Forex School Online","logo":{"@type":"ImageObject","@id":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","url":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","width":240,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2023\/08\/j7oN9Ayq.png","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2023\/08\/j7oN9Ayq.png","height":738,"width":1195},"url":"https:\/\/forexschoolonline.com\/nzdusd-breaks-0-59850-previous-low-as-price-enters-oversold-state\/","about":["Article","charts","Forex Trading Tools","FX Technical Analysis","NZD\/USD","NZDUSD","Price Action Charts in Focus","Trade Idea","Trade Setups"],"wordCount":313,"keywords":["Daily Chart","Forex","forex price action","FX Technical Analysis","Market Anticipation","Market Expectation","Market Prospect","NZD","NZD\/USD","NZDUSD","Price Action","Price Analysis","Price Chart","Technical Analysis","USD"],"articleBody":"NZDUSD Analysis: Market Breaks the $0.59850 Previous Low As Price Enters Oversold StateNZDUSD breaks its previous low of $0.59850 as the price enters an oversold state. A bullish expansion is likely, as the Stochastic Oscillator indicates that the market is oversold. As the price returns to the premium zone, NZDUSD sellers might exit the market for a while. However, owing to the market’s structure, the downtrend will likely continue after the bullish retracement.NZDUSD Significant ZonesDemand Zones: $0.59850, $0.57090Supply Zones: $0.65380, $0.67290The overall trend of the market is bearish. However, the market might experience a bullish retracement soon as the Stochastic Oscillator indicates that NZDUSD is oversold. Following the retest at the $0.65380 resistance, the market fell irresistibly to the downside. The unresistible decline continued until a Change Of Character (CHOCH) occurred. The market’s environment changed from a bullish one to a bearish one. Two lower lows followed the CHOCH until NZDUSD reached the $0.60840 price level.A correction phase succeeded in the first phase of the downtrend in May 2023. The relatively equal highs at $0.63900 formed as NZDUSD struggled to extend beyond the price level. The price crashed afterward to break the market’s structure, leaving a liquidity pool above the $0.63900 high. A bullish retracement began following the bounce on the $0.59850 support as NZDUSD headed into external liquidity. The market’s trading range is currently lying between the $0.65380 resistance and the $0.59850 support. At the 79.0 retracement level, the market’s downtrend resumed.Market ExpectationThe market has been declining alongside the four-hour trendline since mid-July. According to the Stochastic Oscillator, the New Zealand dollar is now oversold. As NZDUSD enters the oversold state, the price expanding into the premium zone becomes highly probable. Note:\u00a0Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results."}