Market Analysis – Market Traders Are Awaiting a Stronger Trend
The NZDUSD price has recently retreated and is now pressing back towards the significant level of 0.60710. However, the currency pair has yet to kickstart a stronger trend this month. Since early last month, the bears have managed to stand out and exert their influence. The new year began with a dive as buyers were rejected around the 0.64000 significant zone. As we approach the end of January, the market has been in an accumulation phase, attempting to find balance. This has resulted in days of consolidation.
NZDUSD Key Levels
Resistance Levels: 0.62740, 0.60710
Support Levels: 0.59260, 0.58430
In recent days, the sellers have shown strength, managing to push the price below the 0.60710 market level. However, their momentum is not yet strong at the start. On the other hand, the buyers are fighting back and attempting to regain control. If they succeed in breaking above this key level, it would signify a potential market reversal.
Currently, the moving average crossing indicator is still showing bearish strength, indicating that the sellers are in control. The buyers need a stronger pull to make a comeback and reverse the current market sentiment. The Money Flow Index, which measures the flow of money into or out of a security, is still below the 40.00 level. If the buyers pick up the pace, it could be a signal for a reversal in the market.
Traders can benefit from utilizing the best forex signals, which provide valuable insights and potentially increase profitability. The NZDUSD market is currently experiencing a battle between buyers and sellers as they fight for dominance and control.
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