NZDUSD Analysis: Price Experiences an Uptrend With a Break in the Market Structure
NZDUSD experiences a break in the market structure to initiate an uptrend. The overall market has been bearish since there was a break in the market structure on the daily time frame. The Moving Average period nine (blue) crossed the moving twenty-one (red) towards the downside. The cross of the Moving Averages on the 8th of June confirmed the bearish move.
NZDUSD Significant Zones
Support Zones: 0.7070, 0.6740, 0.6540
Resistance Zones: 0.7300, 0.72000, 0.6880The market consolidated from June into August. The significant level at 0.6880 prevented downward movement. The market ascended to 0.7200. The bulls could no longer push up further. This caused a halt in the bulls’ run. There was a break in the market structure beneath the 0.7200 zone. The Moving Average period nine crossed the Moving Average period twenty-one downwards. This was a further confirmation of the bearish move in November last year.
The market experiences a breakout and swung beneath the previous support level at 0.6880. The bulls stepped in at the 0.6740 demand level. At that point, the market experiences a pump back up to 0.6880. The previous support zone acted as a resistance zone. There was a rejection in the zone. The market sank further. This caused a break in the market structure as the market violated the 0.6740 zone.
NZDUSD Market Expectation
The market plunged to a final value of 0.6540. This demand zone caused an upthrust in the market. The candles rose to the previous high and surpassed it. This caused a break in the market structure towards the upside. The moving averages of periods nine and twenty-one have crossed to confirm bullishness. On the four-hour chart, the market is currently ascending. The 0.6470 level has been reached. A double bottom formed beneath the zone. This is a further sign of bullishness towards 0.6880.
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