{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/forexschoolonline.com\/nzdusd-veers-upward-as-the-price-reaches-the-0-58980-support\/#BlogPosting","mainEntityOfPage":"https:\/\/forexschoolonline.com\/nzdusd-veers-upward-as-the-price-reaches-the-0-58980-support\/","headline":"NZDUSD Veers Upward As The Price Reaches The $0.58980 Support","name":"NZDUSD Veers Upward As The Price Reaches The $0.58980 Support","description":"NZDUSD Analysis: The Market Veers Upward As The Price Reaches The $0.58980 Support NZDUSD veers upward as the price reaches the $0.58980 support. At $0.59850, the market witnessed a structural break during the ongoing downward price movement. Up until a recent upswing that followed a bounce off the $0.59850 support, the downtrend persisted. From this […]","datePublished":"2023-09-02","dateModified":"2023-09-02","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\/09\/Kemb9zlB.png","url":"https:\/\/forexschoolonline.com\/wp-content\/uploads\/2023\/09\/Kemb9zlB.png","height":589,"width":1281},"url":"https:\/\/forexschoolonline.com\/nzdusd-veers-upward-as-the-price-reaches-the-0-58980-support\/","about":["charts","FX Technical Analysis","NZD\/USD","NZDUSD","Price Action Charts in Focus","Trade Idea"],"wordCount":317,"keywords":["Daily Chart","Forex","forex price action","FX Technical Analysis","Market Anticipation","Market Expectation","Market Prospect","NZD","NZD\/USD","NZDUSD","Price Action","Price Analysis","Technical Analysis","USD"],"articleBody":"NZDUSD Analysis: The Market Veers Upward As The Price Reaches The $0.58980 SupportNZDUSD veers upward as the price reaches the $0.58980 support. At $0.59850, the market witnessed a structural break during the ongoing downward price movement. Up until a recent upswing that followed a bounce off the $0.59850 support, the downtrend persisted. From this point, until the price reaches the $0.61540 resistance, NZDUSD is most likely to perform a bullish retracement.NZDUSD Significant ZonesDemand Zones: $0.58980, $0.57250Supply Zones: $0.61540, $0.65380The market’s ability to remain in an overbought situation until the beginning of 2023 caused a devastating crash. Since the previous barrier at $0.57250 collapsed, the RSI (Relative Strength Index) for the NZDUSD has been above the 50.0 mark. The year’s high was formed at $0.65380 following a buy-side liquidity sweep in late January 2023. As soon as the high was formed, the upswing came to a stop, and the bulls left the market. From the $0.65380 major high, NZDUSD experienced a massive decline, which sank prices below the $0.61540 price level.The price rose after the previous support level of $0.61540 was crossed, hitting equal highs at $0.63890 before falling to form the $0.59850 low. The liquidity grab was eventually structured to move in an upward direction, invalidating the equal highs. The price continued to decline, breaking the market’s structure and setting a new low at $0.58860 as it did so. Due to the RSI’s hint following the low’s development, the NZDUSD veered upward, and a correction phase started.Set featured imageMarket ExpectationThe market’s four-hour diagonal resistance was broken as soon as the price reached the $0.58980 level of support. The market is now trading in a range of $0.64120 to $0.58860. Before continuing its descent, NZDUSD is anticipated to rise into the $0.65140 supply zone. 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."}