NZDUSD MARKET ANALYSIS

 Good evening traders, it's another day in the markets after taking a loss on the previous USDCAD trade but we keep pushing. Into the markets today, I'm looking at NZDUSD where price dropped into a key H1 & H4 demand zone at 0.62228 & 0.61974 which is the origin of the previous rally to the major H4 & daily supply zone at 0.65538 & 0.64897. Price filled the H4 & daily range from the major H4 & daily demand zone to the H4 & daily supply zone and back to the H4 & daily demand zone. Price dropped into demand at 0.62000, formed a rejection wick with candle close inside demand followed by a rally out of demand to 0.62500. Price dropped to retest demand before a continuation of the rally. Price rallied to the 1st H1 high at 0.62600 and failed to break it and instead dropped back to demand. Price dropped deeper into demand back to the previous H4 demand at 0.62000 and failed to break it. Price formed strong rejection wicks on H4 with candle closes inside demand followed by a rally out of demand to 0.62450 with candle closes above demand. Price retraced to retest demand before a continuation of the rally. Took buy positions during London session at 0.62233 with SL at 0.61950. Setup taken is a drop base rally, a reversal setup.

Price rallied 40 pips to the H1 high at 0.62500 and failed to break it as market formed a minor H1 supply zone at the H1 high. Price strongly dropped back into demand to the H4 low at 0.62000 hence hitting my SL and taking out my entries. Price formed a weak indecisive H1 bullish candle inside demand followed by a strong bearish push below demand, breaking it and forming a lower low at 0.61500 invalidating my previously bullish setup. Price dropped 100 pips to the current lower low at 0.61500.
LOSS = -1%