NZDUSD Analysis-Price shoots up above 0.61050 key zone as sellers aim for a recovery
NZDUSD price shot up above the 0.61050 key zone as sellers aimed for a recovery. Amidst selling dominance, we have seen a lot of buying tendencies in the Kiwi market. The bulls are picking up momentum as they made a successful appearance to break through the key level of 0.61050 key zone once again. With buyers easily penetrating through the 0.61050 key zone, we should therefore anticipate more room for buying development as more traders are still stalling around to get more opportunities. The daily chart, therefore, presents us with a chart with a bullish ride beyond the 0.62210 key zone.
NZDUSD Key Levels
Resistance Levels: 0.69970, 0.67370
Support Levels: 0.62210, 0.61050,
It is no news that the NZDUSD sellers have been dumping the price for more than a few months. The sellers triggered their selling influence when the price value was hit by the buyers at the 0.69970 key zone. The Kiwi buyers, at that point, lost interest in raising the market value upward. The sellers, since then, have begun their dominance in the market. The market value therefore fell so much from the 0.69970 key zone down to the 0.62210 key zone. With much of that impact, they still ensure that they are not left out of price tendency.
The Kiwi price continues to swing into a descending phase as buyers also decide to influence the NZDUSD price. The bulls and the bears were seen swinging prices as the downtrend phase progressed. The buyers are present, causing a swing upward despite still being in a descending trend channel. With more momentum added, we should expect a full acceleration in the price value as buyers are still ready to push further. The Chaikin Oscillator shows the signal line about to cross into the positive region as buyers are now taking the moment into their own hands.
The traders are looking for a swing in the market. The buying strength has overcome the key level of 0.61050 and sellers are opting in for a retest. Following that, we should expect buying pressure in the market as the buying tendency rises above the 0.62210 key zone.
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