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Technical Analysis – NZD/USD turns higher in the short-term

NZD/USD 10/01/19 | EconAlerts

NZD/USD turns higher in the short-term; remains below 61.8% Fibonacci.

NZD/USD has recovered substantially after the selling interest from the 0.6968 level, almost hitting the 61.8% Fibonacci retracement level from 0.6968 to 0.6560, around 0.6812. Currently, the price is trading well above the 20- and 40-simple moving averages (SMAs) in the 4-hour chart. However, the technical indicators are suggesting flat to a bearish movement as the RSI is sloping down in the positive zone and the MACD is moving sideways above the trigger line.

A move to the upside could see immediate resistance at the 61.8% Fibonacci level of 0.6812. Should the market increase positive momentum above this area, the 0.6880 could be the next level for investors to focus on. A stronger barrier, though, could be found at the 0.6910 level, registered on December 11.

Should the pair face more negative pressures, the market could meet support at the 50.0% Fibonacci of 0.6765, which stands slightly above the 0.6752 level and the 20-SMA. A successful close below this level could see a retest of the 38.2% Fibonacci of 0.6715.

To sum up, NZD/USD has been trading higher in the very short-term following the rebound on the 0.6560 support.


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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

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