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NZDUSD remains trapped in sideways market

17 July 2020

NZDUSD is fixed around the steadied Ichimoku lines and 50-period simple moving average (SMA) as it continues to drift in a one-month horizontal formation. The price is stuck above the progressing 100- and 200-period SMAs, nurturing their positive bearing. Further promoting advances is the bullish demeanour within the stochastic oscillators’ %K and %D lines.

However, the MACD and the RSI reflect a state of evaporated directional momentum, as they both are floating around their neutral marks. Moreover, the levelled Ichimoku lines and 50-day SMA add further weight to the neutral view.

Pushing above the Ichimoku cloud, the bulls may encounter initial strong resistance from the 0.6584-0.6600 section, consisting of highs and the ceiling of the consolidation. Overcoming this, the price may run up to face the 0.6664 high and the 0.6700 hurdle from January of 2020. Next, the pair may target the 0.6754 crucial year-end peak of 2019.

Otherwise, sinking in the cloud, early tough support may develop from the space between the converging 100- and 200-period SMAs from 0.6514 to 0.6487, which also includes the 0.6500 low. Diving past this support band, the foundation region of the range (0.6365-0.6384) may attempt to halt the decline. Should it fail to do so, the 0.6262 trough of early June may step into the spotlight.

Summarizing, the very short-term timeframe maintains a neutral-to-bullish mode, and either a break above 0.6600 or below 0.6365 may set the next direction.




Scope for dips towards the 0.6793-0.6776 confluence zone
Scope for dips towards the 0.6793-0.6776 confluence zone

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