NZD/USD pair traded flat within a tight range

8 November, 2016

The kiwi was under pressure against the US dollar as the FBI stated that Hillary Clinton was not guilty.

Current situation

The NZD/USD pair traded flat within a tight range on Monday. Buyers were unable to drive the pair higher, the upward impetus lost strength and turned to the downside. The NZD traded between the current support and resistance, staying under pressure during the day. According to the 1 hour chart the 50-EMA provided a solid support for the price, the kiwi snapped the moving and bounced off if. The 50-EMA is turning neutral while 100 and 200 EMAs keep pointing higher. The resistance is at 0.7350, the support can be found at 0.7300.

MACD decreased which indicates the buyers’ positions weakening. RSI left the overbought area and moved lower.

Trading recommendations

The upward momentum seems to have run out of steam. There is potential to move towards 0.7250 once the immediate support represented by the 0.7300 level is taken out. Conversely, if the resistance around 0.7350 breaks, then a move up towards 0.7400 could be the next stop.


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