NZDUSD Analysis – Price Loses Bearish Steam, Buyers React to 0.61060 Support Zone
NZDUSD The price loses bearish steam as buyers react to the 0.61060 support zone. The currency pair finds it hard to progress downward as a consequence of the price stopping over below the 0.61060 key zone. The Kiwi’s priority was to keep plummeting downward but somehow was prevented by buying merchants. This support level has therefore turned out to be a stronghold because the NZDUSD had previously made a drop in July. However, a change in direction was observed as a result of sellers’ losing momentum. From there, the buyers traded the Kiwi market back as the descending trend appearance continues.
NZDUSD Key Levels
Resistance Levels: 0.69910, 0.67300, 0.65710
Support Levels: 0.64610, 0.61060, 0.62200
The price action on the NZDUSD up to the 0.64610 psychological level indicates that buyers were also exhausted from going further. The Parabolic SAR (Stop and Reverse) indicator shows trending dots above the Kiwi candlestick as the sellers take on the market. The price plummeted easily when breaking through the 0.62200 key zone. After the short breakthrough, the buyers tried to evaluate the price back to the 0.62200 significant zone before further plunging beyond the 0.61060 support level.
The Stochastic Oscillator shows that the sell traders are currently exhausted as the price is seen back to the 100.00 level. The Price Oscillator indicator on its own still reveals that despite the loss in momentum, the sellers will still take the price lower in the Kiwi price. When buyers finish settling down, we should anticipate a further drop below the 0.61060 key zone.
The bears remain dominant on the Kiwi price despite the buying retracement. The addition of potential sell traders will therefore drive the market downward below 0.61060 on the 4hr chart time frame. A selling moment is therefore likely to hold ground.
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