NZDUSD Analysis – Traders Keep the Price Stabilized Above the 0.60870 Key Zone
NZDUSD traders keep price activity firm above the 0.60870 key zone. The bullish momentum gradually faded after Kiwi buyers broke through the 0.60870 key zone. The sell traders have been trying to make a comeback, but the 0.60870 key zone remains a strong battle zone for both sellers and buyers. Nevertheless, traders are still very capable of fighting to keep the bullish ride close to the upper trend line channel. The moving average indicators of days 9 and 26 are both reacting closely to the price buildup. Their far-off distance still shows that buyers are going a long way.
NZDUSD Market Levels
Resistance Levels: 0.69760, 0.64510
Support Levels: 0.60870, 0.55540
The Kiwi sellers created their awareness as the price slammed through the trend line phase after a strong purge at the 0.69760 key level. The currency pair began to create lower highs and lows in the market as we saw the price swing lower inside the trend line. As the price rally eventually breaks below the lower trend channel, the bears continue to dominate. The moving average crossing continues to expand as sellers lower their deployment to the 0.55540 support level on the daily chart.
By temporarily raising the price above the 0.55540 market level, Kiwi buyers put sell traders on the defensive. Following their U-turn at this support zone, the buyers were able to sustain their buying tendency until price activity is now seen above the 0.60870 market level. The selling moment could be activated again following the price's journey back to the upper trend line. The RSI (relative strength index) signals overbought measures on buying potential, which implies a change in trend could be possible soon.
The buyers are still openly fighting their way forward on the 4-hour chart. However, the merchants are not left out of the fight. Therefore, we still anticipate buying pressure close to the trend line before selling pressure breaks down to the 0.60870 market level.
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