NZDUSD Analysis – Bulls Withdraw Solidity as It Reaches a Significant Level of 0.70700
NZDUSD bulls withdraw solidity as it reaches 0.70700 significant level. Even though the price is still in a bearish trend, the bulls attempted to push the price out and above the 0.70700 significant level. Nevertheless, the bulls ultimately failed to formulate this move, and bullish solidity was finally reduced. We can see that the price attempts to break, but a clear retreat occurs, and the price is certain to continue on its bearish path, breaking through several price significant levels.
NZDUSD Significant Levels
Resistance Levels: 0.72000, 0.70700
Support Levels: 0.69700, 0.68600
Before Kiwi had a breakthrough from price consolidation, the market had already been immersed in a long-ranging market and these deliberations made bulls and bears quiet for a while. The market, therefore, has a breakout from 0.69700 downward after diversifying. NZDUSD eventually dropped down to a significant level of 0.68600 before the bulls yanked the market in their direction. Kiwi makes a parade of upward-moving up to a significant level of 0.72000.
NZDUSD repeats this pattern, retesting the 0.72000 significant level. This is due to the price dropping back after the first retest of the market. Upon the second retest, the market is noticed to have broken the 0.70700 significant level. The bull's solidity, however, fails to withstand the influence of the market. As a result, as we see a pullback, we expect the market to remain bearish. The market must eventually make a breakthrough at several price levels. The Moving Average shows a crucial intersection and the price is ready to trade downward, continuing its bearish duration.
Market Expectations
The market displays a bearish movement on the 4hour chart. The bulls have made a thriving return to the 0.70700 price level and have given the bears a means to influence the market. NZDUSD will certainly go lower, breaching several key levels. The RSI (Relative Strength Index) exhibits price movement following the direction of the bear market, i.e., following the oversold region. The moving averages also signal price movement to continue its bearish activity as the bulls' solidity strength reduces. The Kiwi will therefore go lower than 0.69700, a significant level.
Note: Forexschoolonline.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.
Leave a Reply