NZDUSD Analysis – Price Faces Bullish Rejection at the Resistance Level of 0.72000
NZDUSD faces bullish rejection at a key price level. The market has gone through numerous periods, resulting in different patterns. More market or price patterns will emerge as the bears and bulls continue to establish their positions. However, we should be able to forecast market direction using these patterns or formations, either in favor of the bears or the bulls. In the case of the bulls, we search for a buy order at the support level, while the bears look for a sell order near the resistance level.
NZDUSD Significant Level:
Resistance Price Level: 0.72000, 0.70600
Support Price Level: 0.69500, 0.68600
As a result of the bullish rejection in price, Kiwi is currently accumulating around the 0.72000 resistance level. Price fails to break through this level, and we see that price candlesticks are trading with wicks, indicating rejection or uncertainty. However, because the price is trading around the 0.72000 resistance level, we should expect a big turnaround with bears assuming control of the market, and the price continues to fall.
NZDUSD accumulation phase has been as a result of the bulls successfully pushing price up from the 0.69500 significant level and breaking several key levels up to the 0.72000 resistance level. However, the sellers were first in motion before the bulls took control and we see the price failing to reach 0.7200 before coming down. Looking at the market’s current state, the price will eventually push down due to price rejection. The Stochastic Oscillator shows price movement in the overbought region as the market is still around the 0.72000 resistance level.
On the 4-hour chart, Kiwi rallies up after gaining momentum in price movement from 0.69500. The market, however, pushed up to 0.72000, and the price is seen accumulating at this level. After this phase of accumulation, we, therefore, expect price movement to be distributed. downward. The Moving Average indicator shows price movement giving multiple crosses as the market is long due for a sell. The Stochastic Oscillator is also in the overbought region and the price is expected to sell down after breaking beyond the 0.70600 significant level.
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