NZDUSD Buyers Are Being Held Back From Escalating Forward

NZDUSD Analysis – Buyers Are Being Held Back From Escalating the Price Due to Pullbacks

NZDUSD buyers held back from escalating forward due to pullbacks. The NZDUSD currency pair has shown the sellers preventing price action from escalating further above the 0.62130 key zone. However, more indications have suggested that the buying tendency will still be projected to 0.65810. However, if the NZDUSD price remains under pressure, the bearish trend will continue.

NZDUSD Key Levels

Resistance Levels: 0.70330, 0.65810
Support Levels: 0.62130, 0.6064

A bearish continuation is currently in progress; therefore, this indicates that the price will drop below the important zone of 0.62130. Given that the NZDUSD market’s inclination has been positioned in downtrend trade for a considerable amount of time, the sellers have been producing a massive storm on the price movements. From the 0.70330 key zone down to the 0.60640 market level, there has been a significant bearish plunge that has been noticed. The market has recently been showing signs that it might change its direction, as buyers are currently surpassing significant zones.

Following the bullish breakout above the 0.62130 key zone, there has been selling intervention in the market, even though buyers are anticipating being in the market. The Moving Average indicator is expanding as we are ready to experience more opportunities to buy over the critical level of 0.62130. The Money Flow index indicator is moving higher into positive territory as buyers are still prepared to take advantage of purchasing opportunities across the market.

Market Expectation

The NZDUSD market should be watched closely by traders for signs of a movement toward buying. At the moment, the sellers are blocking any opportunities for buyers to make purchases while a pullback is being displayed. Despite this, the next potential buying opportunity is still forecast to be towards the 0.65810 key zone.

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