NZDUSD Bears Holding the Momentum Below 0.7200 Area – Will Continue Downside?


NZDUSD bears have regained momentum and remain below 0.7210 to 0.7200 event level. NZDUSD bears are holding the bearish momentum below 0.7200 psychological area. Will the price continue downside in the coming days? What are the charts and technical indicators are saying? Read on to find further insights into today’s NZD/USD Technical Analysis. 

June 9, 2021, | AtoZ Markets – NZDUSD is currently trading around 0.7195 area and trying to push lower. After breaking below 0.7210 to 0.7200 significant event area, the bears pushed the price downward and reached May 2021’s low. However, the bears failed to continue the bearish pressure below 0.7140 to 0.7130 support level and bounced higher. As per the current price action, the price may face strong resistance around 0.7210 to 0.7200 area in the coming days.

NZDUSD Bears Holding the Momentum as the Bears Are Optimistic

NZDUSD is currently residing near 0.7195 area and trying to push downward. However, the price also faced strong resistance at the dynamic level of 20 EMA on the daily chart.

NZDUSD Bears

Image: NZDUSD 4 Hour Chart

According to the 4-hour chart, NZDUSD bears are holding and currently trading around 0.7195 area. As per the current scenario, if the price can have an impulsive 4-hour bearish candle close below 0.7210 to 0.7200 resistance area, the bears may sustain the bearish pressure towards 0.7140 to 0.7130 area in the coming days.

In addition, the dynamic level of 20 EMA is currently residing above the price. So, it may work as strong resistance to push the price down in the process. Along with this, the MACD lines are currently residing below the 0.00 level and may have a bearish crossover. It indicates that the bears may continue the bearish pressure further in the days ahead.

NZDUSD May Decline Further Lower

According to the daily chart, NZDUSD bears are holding the momentum and currently trading around 0.7195 area. As per the current price action context, if the price can have an impulsive daily bearish candle close below the last candle’s low, the bears may sustain the bearish pressure towards 0.7140 to 0.7130 area as a first target. The second target will be 0.7020 to 0.7000 area if the price can break below 0.7140 to 0.7130 support area in the coming days.

NZDUSD Bears

Image: NZDUSD Daily Chart 

Furthermore, the dynamic level of 20 EMA is currently residing above the price. Along with the Kijun line and the Tenkan line. So, the dynamic level may act as strong resistance to push the price down. Besides, the Kijun line and the Tenkan line may work as a confluence of the dynamic level in the process. However, the price is still residing inside the Kumo Cloud. So, the bears may continue the bearish pressure further if the price can break below the Kumo Cloud in the days ahead.

To conclude, as long as the price residing below 0.7210 to 0.7200 psychological event area, there is a high chance that the bears may continue further lower. A daily close is needed to identify the definite momentum in the coming days. 

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