NZD/USD Technical Analysis: Remains capped below 50-DMA/descending channel confluence hurdle

   •  After yesterday’s two-way move, the pair regained positive traction and built on Friday’s recovery move from over two-week lows. The pair climbed to a multi-day high, though seemed struggling to extend the momentum and remained capped below 50-day SMA.

   •  The mentioned region coincides with a descending trend-channel resistance, extending since early June and might continue to cap gains. Neutral technical indicators on the daily chart further add to investors’ indecision over the pair’s near-term directional move. 

   •  Hence, it would be prudent to wait for a sustained break through the said confluence resistance before positioning for any near-term up-move. Alternatively, weakness back below the key 0.65 psychological mark might negate prospects for a bullish breakout and prompt some fresh selling.

NZD/USD daily chart


    Last Price: 0.6542
    Daily change: 20 pips
    Daily change: 0.307%
    Daily Open: 0.6522
    Daily SMA20: 0.6522
    Daily SMA50: 0.6582
    Daily SMA100: 0.6683
    Daily SMA200: 0.6935
    Daily High: 0.6556
    Daily Low: 0.6514
    Weekly High: 0.6612
    Weekly Low: 0.6465
    Monthly High: 0.67
    Monthly Low: 0.6501
    Daily Fibonacci 38.2%: 0.6531
    Daily Fibonacci 61.8%: 0.654
    Daily Pivot Point S1: 0.6506
    Daily Pivot Point S2: 0.6489
    Daily Pivot Point S3: 0.6464
    Daily Pivot Point R1: 0.6548
    Daily Pivot Point R2: 0.6573
    Daily Pivot Point R3: 0.659

Articles You May Like

Gold falls back into the symmetrical triangle on mixed Fed sentiment
Iran’s top military spokesman: All its drones have returned safely to base – Tasnim
Sterling Price Chart: British Pound Testing Post-Brexit Support
ForexLive Americas FX news wrap: Late headlines spark moves
ps. Here’s why there are no in person US China trade talks scheduled

Leave a Reply

Your email address will not be published. Required fields are marked *