NZDUSD MARKET ANALYSIS

 Good afternoon traders, it's another amazing Friday afternoon showing a close end of this trading week and I hope you all have taken advantage and had some profitable opportunities. Into the charts today I've been looking at NZDUSD where price dropped from a major H1 & H4 supply zone at 0.63805 & 0.63478 which is the origin of the previous drop to the major H1 & H4 demand zone at 0.61358 & 0.60994. Price filled the major H1 & H4 range from the major H1 & H4 supply zone to the major H1 & H4 demand zone and back to the major H1 & H4 supply zone. Price dropped from the major H1 & H4 supply zone in a constant push away from supply dropping 50 pips to 0.63300. Price retraced to retest supply at 0.63500, left a strong rejection wick followed by a drop lower in one strong bearish engulfing candle to 0.63100. Took sell positions during NY session at 0.63275 with SL at 0.63500. Setup taken is a drop base drop, a continuation setup and my target is at the H1 & H4 demand zone at 0.61358 & 0.60994.

Price gained more bearish momentum into the session forming lower lows at 0.62940 confirming a shift in market structure to bearish and still showing more bearish potential. Price gained more momentum during Asian session dropping lower, forming lower lows at 0.62537 and still showing more bearish potential to drop lower. Price opened London session with a liquidity grab to 0.62620 then continued with the drop forming new lows to 0.62422 then continued with the drop forming new lows to 0.62422 showing a potential continuation of the drop lower. Price gained more momentum into NY session dropping 110 pips to 0.62260 and still showing more bearish potential to drop lower.