NZDUSD Analysis – The Price Trend Is Set to Stop Descending as Buyers Plan to Regain Strength
NZDUSD price trend is set to stop descending as buyers plan to regain strength. A lot of factors have resulted in the selling strength that has been seen across the NZDUSD pair. The sell traders have been well inaugurated across the board as we have been selling a lot of dormancy lately. Although for every selling action taken by the sell traders, after a long time, we get to see a room for buying activity largely in play also. Both prospects were heavily involved in dislodging price moment from one another when price entered the descending channel.
NZDUSD Key Zones
Resistance Zones: 0.70060, 0.65780, 0.67470
Support Zones: 0.64630, 0.62210, 0.61060
The bearish selling expectations began with a smooth ride following the buying collapse at the 0.70060 key zone. The NZDUSD selling prospects therefore began to fuel the market with selling bargains. Although the buyers were not too silent as we saw them also address the market pullback as the market continues to dump down to the 0.61060 key zone. The buy traders ensured that the price retraces back to 0.64630 before the selling force resulted in a descending channel.
The descending trend shows the NZDUSD key levels oscillating as prices continue to consolidate. The selling force has currently dropped below 0.61060, the key zone. The buyers are now set to raise their expectations as we anticipate the price swing to oscillate back to the upper trend channel close to the 0.64630 key zone. The Stochastic Oscillator appears oversold as we look into buyers going long on the NZDUSD price. The Money Flow Index on the daily chart is also closing up against selling impact as we anticipate buying opportunities.
The buyers are already building up as we have seen the candle still rising against the selling force. The Stochastic Oscillator is heading back to the buying phase, and the same with the Money Flow index, which points to the direction of flow impact. The ADX (Average Directional Index) is currently measuring the current trend strength as buyers are picking up strength back to the 0.64630 key zone.
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