NZDUSD Analysis – The Price Pulls Back for Support at the 0.64010 Key Level
NZDUSD pulls back for support at the 0.64010 price level. The price is now embarking on another round of oscillating movement in a descending channel. The market has taken off from the 0.62290 demand level and has broken a few more price levels to reach 0.65330. However, the buyers are showing signs of weakness at this level because the currency fails to move clear of 0.65330. NZDUSD now pulls back for support at 0.64010.
NZDUSD Key Levels
Supply Levels: 0.69460, 0.68000, 0.65330
Demand Levels: 0.62290, 0.62820, 0.64010
The last price level from which the market sprang up in oscillating movement is the 0.65330 key level. The price pushes up from this level, violating several price levels to reach 0.69460. This was the pinnacle of that cycle. The market was thoroughly defended at this level. What follows is a downturn in price in which the market slipped through several price levels on the way down.
The market’s depression created a lower low as it stops at 0.62290, which is just off the lower border of the descending channel. An immediate reversal began from the same level. The price rose by passing some key levels till it reaches 0.65330, which happened to be the market’s higher low. NZDUSD now pulls back for more strength to push higher. This is shown by the Stochastic line drooping from the overbought region. However, the MA period 24 (Moving Average) is solidifying the support level at 0.64010.
Market Expectations
The 4-hour chart shows that the market rally has been tempered at the 0.65330 price level. Therefore, the price has taken a downward dip towards the 0.64010 key level. This has made the MA period 24 on this short timeframe switch to a position above the market. NZDUSD will be forced to pull back and then continue its oscillatory movement towards 0.68000
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