NZDUSD Analysis – Market Allows Bearish Pressure Towards the 0.61050 Key Level
NZDUSD allows bearish pressure towards the 0.61050 key level. The price action of the NZDUSD currency pair has been making bearish attempts for the past few weeks. There has therefore been a decline in the current situation of the market as the technical analysis shows the price plunged from the 0.64600 significant level. The buyers’ giving away price shows that they were not willing to rise above the 0.64600 trade level. A consistent drop has been witnessed for a while with bearish composition.
NZDUSD Key Levels
Resistance Levels: 0.70040, 0.67400, 0.65700
Support Levels: 0.64600, 0.62210, 0.61050
Bearish pressure has been consistent on the NZDUSD pair. The buying section in the middle of March to the 0.70040 significant level first gave price tendency away in a bearish display. The key zone served as a barricade for the buying traders, as they were incapable of breaking through it. However, the MA (Moving Average) Indicator of 9 and 21 indicated bearish awareness, with bearish expansion in view. A massive decline was therefore experienced in the New Zealand dollar, with price action reacting down to several key zones.
The buyers of the currency market picked up price momentum as they began to consolidate after a smash down beyond the 0.65700 market level. A room for price trading in a trend channel is now seen on the NZDUSD pair. The bears are still willing to push the price lower, and we anticipate a touch lower to the 0.61050 key zone as the consolidation continues. The MACD (Moving Average Convergence and Divergence) indicator is secured to diffuse downward as bearish pressure increases on the daily chart.
The sellers are offering a more bearish disposition at the NZDUSD price. With the bearish expansion in mind, we should also expect prices to fall as the Stochastic Oscillator indicator indicates that selling pressure has decreased, allowing the market to return to the 0.62210 key level. Traders should be alert to engage in selling action once the price progresses.
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