Market Analysis: NZDUSD Remains on Track Toward 0.58530
The NZDUSD currency pair has experienced a notable shift in momentum, breaking below the 0.61170 level and reinforcing its bearish trajectory. This reversal follows the formation of a significant high in late September 2024, during which the pair initially displayed bullish momentum, rallying from a key demand level at 0.58350 to its peak. However, after reaching this high, the price reversed direction, breached the 0.61170 level, and subsequently retested it before continuing its descent toward the next support level at 0.58530.
NZDUSD Significant Zones
Resistance Levels: 0.61170, 0.63420
Support Levels: 0.58350, 0.56970 
Indicators on the daily chart confirm the prevailing bearish outlook. The Moving Average highlights sustained downward pressure, with the price trading below this indicator, emphasizing the bearish bias. Additionally, the Relative Strength Index (RSI) reflects declining momentum, inching closer to oversold territory. This reinforces the likelihood of continued bearish movement, with sellers targeting the 0.58530 level as a critical support zone.
On the 4-hour chart, price action reveals a recent bearish break of structure, providing a closer look at the ongoing downtrend. This timeframe also shows the price approaching oversold conditions, hinting at a potential short-term pullback. However, the dominant daily bearish bias suggests that any recovery may be limited. A decisive breach of the 0.58530 demand level on the 4-hour chart would further confirm the continuation of the broader bearish trend.
Market Expectation
NZDUSD remains firmly within a bearish structure. A sustained move below the 0.58530 demand level could signal further downside, while any potential pullback is likely to be temporary, given the prevailing daily trend. Traders should closely monitor these levels and indicators to anticipate possible shifts and adjust their positions accordingly. Insights from reliable forex signals can also assist in navigating the market’s dynamics effectively.\
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