NZDUSD Buyers Return as MACD Crosses Zero Line

NZDUSD Analysis: Buyers Return As MACD Crosses The Zero Line From Underneath

NZDUSD buyers return as MACD crosses the zero line from underneath. Whenever the MACD crosses the zero line, it indicates a rise in buying or selling pressure. According to the MACD (Moving Average Convergence Divergence), the previous uptrend will soon resume.

NZDUSD Significant Zones
Demand Zones: 0.61120, 0.59690
Supply Zones: 0.63790, 0.65380

NZDUSD was previously in an uptrend until the year 2022 ended. The uptrend extended as buyers drove the price into the premium zone above the 0.63790 resistance. According to the Moving Average, the market failed to give the bears an opportunity until reaching this premium zone. At the early stage of the uptrend, a low formed at 0.58400. This low was due to the price’s response to an FVG (Fair Value Gap) some days earlier.

The uptrend continued exuberantly from the 0.58400 low. At the 0.65140 price level, a swing high formed. NZDUSD went downward to form a swing low at the 0.61910 price level. This price action showed that the bullish pressure has stopped overwhelming the market. Buyers exited the market, causing a long-term consolidation phase. On March 26, 2023, a bearish marubozu candlestick formed as a bearish order block pushed the price downward. However, due to the presence of some bulls in the market, a higher high formed at the 0.63790 resistance.

Market Expectation

Following the reaction of the price towards the daily FVG, the price sank downward on the four-hour chart. NZDUSD will likely break the previous low of 0.61830 before the buyers fully return to the market.