NZDUSD Analysis – Buyers Lean on the 0.62290 for Support
NZDUSD buyers are leveraging the 0.62290 weekly support to stay afloat. The bulls have been less than influential in recent times. This is due to the heavy investment of the sellers in the market. As a result, the price trend is generally downward from last year. However, the market has now reached a significant support level at 0.62290, which the buyers are using to shield the price at the moment from further drops.
NZDUSD Key Levels
Resistance Levels: 0.64010, 0.65330
Support Levels: 0.61400, 0.62290
From the beginning of the year 2021, all that the buyers’ endeavour amounts to is to cause a wavy movement in the price in a downward trend. The market is seen sliding through a falling channel continuously. The currency pair is seen to bypass some significant support levels without much friction. The 0.67140 critical level is an example of this. This is due to the intensity of the market sellers.
However, the price is now at another significant support level at 0.62290, which is already a barrier to the continuous downward slide in the market. The market first plummeted to this level on the 12th of May, but it was strongly repelled. NZDUSD has fallen to the price level again and is not finding an easy way. The Parabolic SAR (Stop and Reverse) dots remain above the daily candles.
Market Expectations
On the 4-hour chart, the market is now conforming to a triangle pattern as the bears and bulls battle for supremacy at the 0.62290 support level. The buyers have a strong support level to their advantage. This scenario is depicted on the MACD (Moving Average Convergence Divergence) indicator, whose lines are at equilibrium to represent the current balance of power in the market.
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