Friday, December 13, 2019
Home > Posts > Technical Analysis – NZD/USD rises above the SMAs

Technical Analysis – NZD/USD rises above the SMAs

NZD/USD 13/09/18 | EconAlerts


NZD/USD rises above the SMAs following rebound on 0.6500.

NZD/USD has finally reversed slightly to the upside in the short term following the rebound on the more than two-and-a-half-year low of 0.6500 on Monday. Momentum indicators in the 4-hour chart though are currently supporting that positive momentum is likely to strengthen. Specifically, the MACD is picking up speed near the zero line and the RSI continues to hold above the threshold of 50.

Should the price decisively close above the 0.6570 resistance level, bulls could extend the current bullish sentiment towards the 0.6615, reached on September 6. Further advances above this level, could then target the area around the medium-term descending trend line, around 0.6640.

A clear dip below the 20- and 40-simple moving averages (SMA) would bring the pair lower until the multi-month low of the 0.6500 level. Such a dip may carry more downside extensions and may open the path towards the next support of 0.6345, marked by the low of January 2016.

In the medium-term, NZD/USD has been trading bearish in the past four months after the pullback on the 0.7390 level.

NZD/USD 13/09/18 | EconAlerts

 



 

TRADE THE MARKETS     TRY A DEMO ACCOUNT     US TRADERS

All trading involves risk. It is possible to lose all your capital

 


Disclaimer:
This information is not considered as investment advice or investment recommendation but instead a marketing communication. This material has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.


Source: XM

Leave a Reply

Your email address will not be published.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