{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/nzdusd-sellers-retreat-as-price-nears-0-58400-demand-zone\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/nzdusd-sellers-retreat-as-price-nears-0-58400-demand-zone\/","headline":"NZDUSD Sellers Retreat as Price Nears $0.58400 Demand Zone","name":"NZDUSD Sellers Retreat as Price Nears $0.58400 Demand Zone","description":"NZDUSD Analysis: Sellers Exit the Market as Price Approaches $0.58400 Demand Zone NZDUSD sellers exit the market as the price approaches the $0.58400 demand zone. Since the $0.65380 high formed on February 2, 2023, NZDUSD has been declining in fractals. However, the RSI has never crossed below the 30.0 level until recently. This implies that […]","datePublished":"2023-08-23","dateModified":"2023-08-23","author":{"@type":"Person","@id":"https:\/\/forexschoolonline.com\/author\/jonfox\/#Person","name":"Johnathon Fox","url":"https:\/\/forexschoolonline.com\/author\/jonfox\/","identifier":1,"description":"Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/d0b589a007c132efe23124c05a02b68524844c0089401129bd50bc12ee59d3a9?s=96&d=monsterid&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Forex School Online","logo":{"@type":"ImageObject","@id":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","url":"https:\/\/www.forexschoolonline.com\/\/wp-content\/uploads\/2018\/09\/FSO-Transparent-logo-gr.png","width":240,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2023\/08\/r2MjiABj.png","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2023\/08\/r2MjiABj.png","height":738,"width":1195},"url":"https:\/\/forexschoolonline.com\/nzdusd-sellers-retreat-as-price-nears-0-58400-demand-zone\/","about":["charts","FX Technical Analysis","NZD\/USD","NZDUSD","Price Action Charts in Focus","Trade Idea","Trade Setups"],"wordCount":289,"keywords":["Daily Chart","Forex","forex price action","FX Technical Analysis","Market Anticipation","Market Expectation","Market Prospect","NZD\/USD","NZDUSD","Price Action","Price Analysis","Price Chart","Technical Analysis"],"articleBody":"NZDUSD Analysis: Sellers Exit the Market as Price Approaches $0.58400 Demand ZoneNZDUSD sellers exit the market as the price approaches the $0.58400 demand zone. Since the $0.65380 high formed on February 2, 2023, NZDUSD has been declining in fractals. However, the RSI has never crossed below the 30.0 level until recently. This implies that a possible retracement or a total reversal to the upside is highly probable from here.NZDUSD Significant ZonesDemand Zones: $0.58400, $0.55120Supply Zones: $0.64110, $0.6560Following the bullish growth that resulted in prices reaching the premium level last year, the market has shifted towards a bearish trend. The bullish trend ended as the year 2023 began. More NZDUSD buyers exited the market, causing a steep dive. The downtrend started as the price created a major swing high at $0.65380. With an astonishing displacement, NZDUSD declined, forming a low around the $0.61000 psychological level.Following the formation of the low, NZDUSD rallied in fractals. The rally continued until another high formed at the price level of a previous high. After reaching an equal high of $0.63880, the market continued its downward trend and eventually hit a significant low of $0.59850. The NZDUSD buyers stormed the market and instigated a rally in price beyond the equal high of $0.63880. The rally encountered selling pressure at the $0.64110 resistance. Due to the selling pressure, the market’s downtrend resumed as the market became oversold.Market ExpectationThe four-hour chart experienced an upward surge as the RSI (Relative Strength Index) showed a bullish divergence. NZDUSD will likely continue rising after the breakout from the diagonal resistance up until the $0.63140 high is invalidated.Note:\u00a0Forexschoolonline.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results."}