NZDUSD Hits Key Zone of 0.64500 as Price Falls

NZDUSD Analysis – Price Falls Following a Hit at the 0.64500 Key Zone

NZDUSD hits key zone of 0.64500 As Price Falls. If you look at the latest NZDUSD market movement, you will notice that the buyers were very active in providing ways for substantial liquidity. Last week, traders purchased orders at the important 0.62300 level. They had a fantastic session as the price surged forward. The 0.65400 trade zone, on the other hand, has proven to be a difficult level for buyers to overcome. On the daily chart, this was followed by a bearish plunge.

NZDUSD Trade Levels

Resistance Levels: 0.64500, 0.69980, 0.67400
Support Levels: 0.60970, 0.62300, 0.65600

For many months, the NZDUSD trend was anchored primarily by sellers. The selling traders inducted a bearish tendency after the Moving Average indicator signalled a cross below the 0.69980 resistance level. As we got to see more selling trades, several strong levels were passed through on the NZDUSD price. A buy retracement was seen in view as the NZDUSD pulled back to the 0.65600 key zone. The Moving Average Crossing of 9 and 21 also provided a signal for sell trades as sellers set in. The bearish market therefore, dropped the price market down to a key level of 0.60970. The buyers are now seen picking up strength as the price pushes forward to 0.65400.

Surprisingly, sellers flooded the market in the hopes of preventing buying growth over the 0.65400 critical zone. According to technical analysis, the price is currently undergoing a pullback as the Parabolic SAR (Stop and Reverse) indicator continues to firmly demonstrate buyers’ wrath to continue with its liquidity flow. Because sellers are simply seeking to fill the price liquidity gap left by buying traders in the market, we should expect additional purchasing on the daily chart.

Market Expectation

The selling action is still open on the 4hr chart. The stochastic is overbought, telling us that the selling pressure is short-term. If buy traders push with more strength, there will be an increase in momentum to rally back to the 0.64500 key zone.