NZDUSD Analysis: Kiwi’s Selling Action Still Hold Firm for More Playout
Kiwi’s selling action still holds firm for more playout. The NZDUSD market season has been up and down for the past few months. Both traders have been well accustomed to trading through strong market levels. The sellers no doubt have been the major upshot controlling Kiwis’s market. Early last week following bullish decamp at the upper zone of the descending channel, selling pressure was seen immediately setting pace. The upper trend line had proven to be a strong zone that buyers could only rebounce from, and traders who placed a sell at the previous week’s opening would be bagging more than 200 pips.
Kiwi Significant Levels
Resistance Levels: 0.70400, 0.65800
Support Levels: 0.62600, 0.60500
Right from the onset, the sellers already set price tendency on a course for selling action following buyers’ struggle at the 0.70400 key level. The Price Volume Trend indicator has since then been amassing towards a selling moment on the Kiwi price. When the Moving Average indicator opened a cross between 9 and 21, a large sell liquidation was on display in the market. When this sell volume entered the market, what followed was price entering through the descending trend channel on the daily chart. At this stage, we now see an opportunity for buyers as the price swing takes place inside the trend zone.
Upon price arrival close to the 0.62600 key zone, the sellers dropped the price below this key level with less stress. However, the support level eventually became a resistance zone where buy traders held up price motion for last week. The Moving Average crossing indicator has opened up for bearish disclosures. Selling pressure is still firm to plunge out to the 0.60500 key zone.
The market on the 4-hour chart has proven to be overwhelmed by the bearish atmosphere. The sellers are still solid enough to cause price flow downward. The Moving Average Crossing is expanding as we see more liquidity flow across the board. A sell short down to the 0.60500 key zone is therefore anticipated in the Kiwi’s market.
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