NZDUSD Analysis – Price Fires Down to a Prominent Zone of 0.68700 Level of Significance
NZDUSD fires down to a prominent zone of 0.68700 significant level. The bears trading in the market has been in a skirmish to draw price movement downward. The market bears, however, have succeeded in bringing price movement despite the bulls' counter in the market. The market is currently disengaging in a downtrend motion due to bearish upholding in the market.
NZDUSD Key Levels
Resistance Levels: 0.71700, 0.70500
Support Levels: 0.69700, 0.68700
As a result of the bearish uphold, the bulls prompted the price movement, causing a pullback to the 0.70500 price level before bearish persistence. After the price was upheld by the bulls, the sellers in the market then caused the price to liberate downward, and the momentum has been on the increase. The price surge will eventually allow the price movement caused by the sellers to go beyond the 0.68700 significant level. However, since the price has first broken through the 0.69700 significant level, we can therefore also expect a retreat back to this level before continuation.
Before the current trend in the market, the price action has been in a significant sideways trend. The market first assumed aggregation in price movement before swinging low. The market then gives way to both the bears and the bulls to have their direction in the market configuration. The bulls and the bears move sideways, ranging in price movement as they proceed. The bears are now the current shareholders, moving the price action in a bearish movement. On the daily chart, the price is following a downtrend as the Parabolic SAR (Stop and Reversal) indicator is also following a downtrend. The dots keep trending along with the price movement.
The 4-hour chart consists of price movement trending downward. The market keeps trending downward, making prices swing low in a bearish movement. The market keeps trading after a retreat from various significant levels. The RVI (Relative Volume Index) shows price increases in momentum as the downward trend continues. NZDUSD is therefore set to fire down to a prominent zone in the price structure.
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