NZDUSD Sellers Take Partial Profits As Price Breaks Previous Low

NZDUSD Analysis: Sellers Profit Partially As Price Breaks Previous Low

NZDUSD sellers take partial profits as the price breaks the previous low. The market has been totally under the control of the bears ever since the rejection at the major resistance level of 0.65380. The 0.65380 and 0.55120 price levels remain in the trading range of the market.

NZDUSD Significant Zones
Demand Zones: 0.61560, 0.55120
Supply Zones: 0.65380, 0.70340

The MA Period 18 has crossed the MA Period 40 to the downside, and more NZDUSD sellers descended upon the market as a result of this indication. The bulls are currently absent from the market as the bears take over. Yet given that the bearish order block above the present price level needs to be filled, a brief bounce might happen. A sell-side liquidity grab resulted from the immediate preceding low’s invalidation. The upward delivery of price into the internal range was also a result of the sell-side liquidity grab.

The market underwent a significant bearish movement on June 3, 2022. The price rejection at the significant resistance level of 0.65380 was the cause of this bearish movement. Later, on August 12, 2022, NZDUSD made an intermediate low a few pips below the key resistance level of 0.65380. On December 13, 2022, a strong rally from the 0.55120 support invalidated the intermediate-low nonetheless. A preceding change in character to the upside on October 26, 2022, was likewise a result of the vigorous rise.

Market Expectation

In response to the rejection of the price at the major support level of 0.61560, the NZDUSD surged upward. The 0.62760 old high is expected to be invalidated as the price rallies from the major support into the daily bearish order block.