NZDUSD Analysis-Traders Are Pushing Price Moment Lower
NZDUSD traders decide to shoot the price moment lower. The price at the moment has been on a bearish slope, with more sellers still interested in placing more orders. The market outlook hasn’t been favorable for buyers in recent times. The selling strength has been extending downward progressively following a breakout from the trending phase. When sell traders continue to release more selling pressure on the daily chart, the Kiwi market is likely to see further attrition.
NZDUSD Key Zone
Resistance Levels: 0.64540, 0.60870
Support Levels: 0.57500, 0.55800
The market bias has been much more favorable for the selling merchants. The selling magnitude increased as the price fell beyond the 0.60870 key zone. More selling has been observed since the price broke through the trend line, which has been consistently swinging for a long time. Following the price decline, a dispatch was seen down to the 0.57500 key zone first. After the sellers extended price activity down to the 0.55800 key zone, the buyers held up the selling moment after the price retracement was experienced back to the 0.57500 key zone.
Following the buying retracement, the sellers were able to ride back to the 0.55800 key zone in the market. The price is currently opening below this support level as sellers plan to trade lower. The moving average cross pair is still far apart, and this indicates more selling strength. The MACD (Moving Average Convergence & Divergence) Indicator is currently on a negative slope, indicating that sellers continue to exert influence on the daily chart.
Market Expectations
The buyers have caused a reaction back to the 0.55800 key zone after the price ruptured at this level. The Kiwi price broke down after making a new high after a few months of consolidation. The negative suspense is still on. However, the buyers are still lurking around in the market. A bearish force is still prompted to go lower in the market.
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