Market Analysis: NZD/USD Bulls Fight for Another Expansion
NZDUSD faces another stronghold at the 0.60640 price level. This level has appeared to be a stumbling block for bullish momentum this week. The buy-order flow is gradually losing pace as we speak. The pair has seen a persistent battle between buyers and sellers. Despite the buyers holding dominance, their momentum has faced some resistance lately. Notably, the NZD market has taken an intriguing turn this week, with buy traders attempting to push forward.
NZDUSD Key Levels
Resistance Levels: 0.60640, 0.59300
Support Levels: 0.58360, 0.57600
The buy traders gained an advantage when sellers exhausted their strength, reaching the significant zone around 0.57600. Seizing this opportunity, the NZD/USD buyers surged ahead, breaking through the 0.58360 significant level with strong liquidity. The bullish order flow continued, leading them to breach the 0.59300 significant level.
However, after this achievement, there was a momentary pullback. The bulls had to revive their strength to overcome the significant level of 0.60640. Currently, the momentum seems insufficient for a solid breakthrough, requiring buyers to exert more intensity to secure success.
It’s crucial to note that the Money Flow Index (MFI) doesn’t distinctly indicate bullish progress yet. The momentum and price flow appear to have tapered off. It signals a need for the buyers to strengthen their position. The buyers remain yielding to cause a break despite the holdback for now. In the days to come, the NZD is more likely to cause more expansion forward despite bearish interference.
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