NZDUSD Analysis – Price Is Fluctuating at the 0.69460 Key Supply Level
NZDUSD is fluctuating at the 0.69460 key supply level. The price has been increasing since dropping to the 0.65330 demand level. Consistent higher highs and lows characterize the market’s upward mobility. This has helped the currency pair defy many key levels. The latest hurdle is at 0.69460, where the price is currently fluctuating. NZDUSD is predicted to bypass it also.
NZDUSD Key Zones
Supply Zones: 0.71500, 0.70490, 0.69460
Demand Zones: 0.68000, 0.67140, 0.65330
In the market price increase from the 0.65330 demand level, the most notable price move is the violation of the 0.67140 key level. This is because the level is a substantial level that impedes the drop or rise of the market. Many times, the price is seen to be fluctuating around that level. However, NZDUSD bypassed it after initially dropping below it.
Since then, the market has opened its stride to make up for a 4% increase. However, NZDUSD has reached another major supply level at 0.69460, around which the price is now fluctuating. The market has dropped below it after an initial climb. The price is falling towards the trend line. The MA period 20 (Moving Average) solidifies with the trendline to support the market.
Market Expectations
On the 4-hour chart, the price has traded below the MA period 20 as it continually drops towards the trendline. The MACD (Moving Average Convergence Divergence) indicator in this smaller time frame is a continuation of the daily time frame. The lines have dropped below the zero level, with accompanying bearish bars. This is the pattern as the price rises along the trend line, and the NZDUSD is expected to recover and break the 0.69460 supply line.
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