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, 0.6880
The 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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