NZDUSD Price Plans to Bounce off Market Structure

Price Analysis- NZDUSD Price Plans to Bounce off the Market Structure at the 0.61400 Key Zone

NZDUSD price plans to bounce off the market structure at the 0.61400 key zone. There have been several indications displaying the activity of the NZDUSD price display down to the 0.61400 key zone. The bears had once made an approach downward to this key level, but were rejected due to less selling pressure to manipulate the price. Looking at the NZDUSD market analysis, one would see that there will be a rebound upon price arrival as the price will eventually change its tendency.

NZDUSD Key levels

Resistance Levels: 0.72000, 0.65700
Support Levels: 0.63200, 0.61400

A drop is therefore anticipated close to the 0.61400 key level. Shortly after, the NZDUSD will attempt a retest of 0.63200 before finally yielding to a bullish breakthrough on the daily chart. The bears have been prominent for a while and are still willing to control prices. The bearish influence emerged following a calculated retest at the 0.72000 key level.

After several developments in the market structure, there was a downward displacement in the bearish trend, with the NZDUSD breaking through the 0.65700 key zone to the low of the 0.63200 support level. A bullish setback held the bear market for a while when it rallied back to the 0.65673 key level. A stronger selling trend follows, with the market currently trading back to the 0.61400 support level.

NZDUSD Expectations

The sellers are currently set on declining the price tendency down to the 0.61400 support level. A bounce is therefore expected before the buyers can eventually set in to rally the price tendency back to 0.63200, the key price level. The price oscillator indicator is trading below the negative strength as sellers are still in action. The Moving Average Crossing is also reacting around the selling influence as price tends towards the 0.61400 key level.

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