Baxia Markets
October 05, 2021

NZDUSD Meets Resistance

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After a long time downward trend, the price started to rebound. The previous trend had lasted for almost a month; it began at the beginning of September. Although the downward movement had met support and made some fluctuations, the downward trend was getting steeper. Finally, the price stopped at 0.686; even though it made a steep jump, it could not stop the support. 



The support started on Sep 29th; the support power has been working for more than six days. From the latest downward wave, we can see that the price already reached the 50% Fibonacci level, which was a resistance level. Actually, the price already met resistance here. As can be seen, the price is losing momentum. However, it has not turned back to the downward trend yet, so the price still has a chance to break the resistance. Standard deviation is down, meaning the trend is more stable.


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