NZDUSD Analysis – Buyers Are Opening Price Orders Following a Bearish Rally to the 0.55400 Key Zone
NZDUSD buyers set to elevate price amidst sellers rally. The bear has been putting up a show of price moments following the bearish escape from the consolidation channel. The bearish stance has been unable to crack through the 0.55400 significant zone at the moment, and the buy traders have been having much more gains for the past few weeks. If buying volatility increases progressively, there will be a shift in price focus as buyers will be set to take over the market action. However, without much volatility, buyers will still eventually cause price momentum to withdraw before continuation.
NZDUSD Key Zones
Resistance Zones: 0.69790, 0.64500
Support Zones: 0.60300, 0.55500
The Kiwi market’s decline has been ongoing for a while due to the selling force taking hold of the market’s tendency. The sellers have been clear about their intention to cause bearish flow since April, as massive fallout has been seen since then. The price will now continue to fall until it reaches the 0.55400 key level. The buyers are against sellers dropping further in the market following a price drop to this level.
The Parabolic SAR (Stop and Reversal) indicator shows trending dots going lower as sellers could still overtake the buying tendency currently going on at the moment. The stochastic on its end shows a buying clause as sellers are already exhausted at the moment of writing. The buyers can still push further as prices continue to pull back in the market on the daily chart time frame
The 4hr chart shows the buying trend consolidating in the market. This implies that the buyers are still not strong enough to push the price any further. This, however, will give sellers the upper hand to go lower when the bearish trend commences. Sellers will therefore drive the price lower beyond the 0.55400 key zone.
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