NZDUSD Buying Inclination Continues to Prevail

NZDUSD Analysis – Buying Inclination Continues to Prevail Across the Market

NZDUSD buying inclination continues to prevail across the market. Following yesterday’s breakout from the 0.61900 critical zone, the buying pressure is currently being propelled further forward. As a direct result of a greater increase in demand, the buy traders successfully break over the price barrier. As the impulse rating keeps flowing on the daily chart, the buying power has increased and is expected to rise to the 0.65900 critical level shortly.

NZDUSD Key Zone

Resistance Levels: 0.69800, 0.65900
Support Levels: 0.61900, 0.60570
Selling impact has been a significant factor in shaping the seasonal pattern. From the middle of 2021 onward, the demand price has been lower than the supply strength. Following the completion of price consolidation at the 0.69800 market zone, sellers have been the primary cause of price propensity across the market. A sell displacement cut below the 0.65900 zone, a strong key zone.

The bearish exodus continued apace, breaking through the 0.61900 significant level and eventually reaching the 0.60570 key zone. The buyers are now concluding the pullback to the 0.65900 key zone. However, a retest is expected at 0.6900 before a bullish impulse increases on the NZDUSD. The price oscillator is about to cross through the 0.00 level as a bullish growth impulse is set to take place on the daily chart.

Market Expectations

On the daily chart of the NZDUSD price, the price action can be seen retracing itself. As long as the bullish impulse is still in control, market participants should prepare for a pullback to the 0.65900 critical zone before sellers start moving in on the 4-hour chart.

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