NZDUSD Shows Weakness Above The 0.60640 Market Level

Market Analysis: NZDUSD Buyers Struggle to Keep Up

NZDUSD shows weakness above the 0.60640 market level. The pair is displaying signs of weakness above the significant zone of 0.60640, indicating the presence of sellers in the market. This pushback from the sellers could signify a pullback or even a complete reversal of the current trend. On the daily chart, we observe a slight drop in momentum following the bullish breakout above the 0.60640 level. If this downward momentum continues, it could provide more opportunities for the sellers to drive the Kiwi lower.

NZDUSD Key Levels

Resistance Levels: 0.62830, 0.64180
Support Levels: 0.59430, 0.58510

Throughout this month, there has been a favorable response to bullish outflows. However, the sellers have attempted to retrace the price at every breakthrough interval. The buyers have stood their ground against the selling pressure, particularly at the significant level of 0.57670. From that point on,  buyers have dominated the Kiwi market. Despite the current lag in bullish momentum, the buyers still show a strong interest in pushing the price higher.

The Money Flow Index indicates that the price is still in a positive flow. This suggests that the bulls are still in control despite the presence of sellers. Although there has been a drop in bullish momentum, traders should anticipate further expansion above the key zone of 0.60640.

Market Expectation

However, it is important to acknowledge that the current setback may prolong and potentially hold back the price beyond the 0.60640 level.