NZDUSD Continues Sideways as Sellers Eye a Breakout

Market Analysis – Kiwi Sellers Eye a Breakout 

NZDUSD continues sideways as sellers eye a breakout. The pair have been left to consolidate for quite some time, with neither the bulls nor the bears able to establish a strong trend. However, the sellers are now setting their sights on a potential breakout as they aim to breach the significant zone at 0.60300. 

NZDUSD Key Levels

Resistance Levels: 0.62820, 0.62230  
Support Levels: 0.60300, 0.58520

Earlier this year, the price crossed the market level at 0.62230, which was a significant milestone. However, since then, there hasn’t been a clear and sustained trend. Unlike the previous year, where the buyers showed an incredible amount of strength, pushing the price up from the significant level of 0.57790. Despite the opposition from the sellers, the bullish strength kept growing stronger, and the buyers were able to easily hit the critical level at 0.62230. The buyers were so strong that they continued to push the price up to a significant level of 0.63700.
 
However, early this year, we witnessed a decline from the key level at 0.63700, and the market entered a consolidation phase. For weeks, there hasn’t been any major movement or clear direction due to the price range. Currently, the sellers are trading around the significant level of 0.60300, and there are chances of them breaching this level.

If a breakout manages to occur, it could potentially mark the end of the ranging or sideways market and pave the way for the sellers to continue their progressive movement, which has been ongoing since the beginning of this year. From a breach through the crucial level at 0.60300, the sellers can target the significant level at 0.5850.

Market Expectation 

The price oscillator, which measures the momentum of price movements, has not shown any significant change yet and is still trading around the 0.00 level. However, a rise from this indicator could indicate an acceleration in movement, especially for the sellers. Nevertheless, a breakthrough by the sellers could act as a catalyst for establishing a new direction for the Kiwi market.

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