NZDUSD Analysis – Price Is Heading Towards the 0.69000 Significant Key Level
NZDUSD is heading to a significant key level of 0.69000, and there have been price reactions at this level. The market is seen making a progressive drop towards this significant level. However, we anticipate price movement to either make a rebound at this level or break through it. The bears have not gotten back to power to assume their current trend after the bulls tried to push the price upward. The price is, however, seen heading towards the 0.69000 significant price level.
NZDUSD Significant Levels
Resistance Levels: 0.73000, 0.71500, 0.70600
Support Levels: 0.69800, 0.69000, 0.68000
At the market’s peak, the price was seen consolidating between the significant key levels of 0.7300 and 0.71500. The market ranged for some time before prices broke out of the range. As a result of the breakout, Kiwi rallied down to the 0.69000 price level. The market then continued to consolidate between 0.70600 and 0.69000 price key levels. Following that, the price finally headed down to 0.68000 to form the lowest low.
The market then begins to rally upward as the bulls begin to gain bullish momentum. The price, however, moved up back to 0.71500 as a result of the strength of the bulls. The bears also took control and rallied the price downward back to the 0.69000 price level before a pullback then occurred to the 0.69800 price level. Kiwi is now heading back to the 0.69000 price level. The candle is close to breaking through the middle of the Bollinger Band as the price keeps moving downward on the 1day chart.
Market Expectations
On the 4hour chart, the price is seen in a clear bearish trend. The market is seen making lower highs and lows, breaking through significant price levels. The price is assumed to have pulled back to 0.69800 before the bearish trend continues, and we anticipate price movement beyond the 0.69000 price level. The MACD (Moving Average Convergence and Divergence) indicator crossing is near the 0.00 level and the price is still trending downward as the market keeps heading towards the 0.69000 key level.
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