4 Global Market Updates- 5 July, 2022

 

In this article, we have covered the highlights of global market news about the NZD/USD price analysis, Dollar Declines, BTC/USD Struggles, and the EUR/GBP.
Bears have the upper hand and may attempt to challenge the YTD low, according to the NZD/USD price analysis.

Early in the European session, there was some selling in the NZD/USD pair, extending the overnight retracement decline from the 0.6250-0.6255 supply zone. Spot prices fell back below the round number of 0.6200 in the previous hour and are still in danger of falling lower.

A somewhat larger picture reveals that the NZD/USD pair has been drifting downward along a descending channel that has been present since mid-June, indicating a well-established short-term negative trend. The oscillators on the daily chart are holding strongly in the bearish region, and they have been unable to make any significant progress on hourly charts, which adds to the bias in favour of the downside.

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