FXTM information and reviews
FXTM
93%
IronFX information and reviews
IronFX
92%
Libertex information and reviews
Libertex
91%
FXCC information and reviews
FXCC
90%
FxPro information and reviews
FxPro
88%
OctaFX information and reviews
OctaFX
86%

NZDUSD fluctuates around MAs but upside risks remain


22 January 2021

NZDUSD’s slide back under the 100-period simple moving average (SMA) at 0.7196 seems to have cemented the price within the confines of 0.7082-0.7240 of a sideways move. The range-bound demeanour, after the price retracted from the multi-year high of 0.7314, appears to be nourished by the impaired and flattening 50-period SMA and the slowing upward pace of the 100- and 200-period SMAs.

The short-term oscillators are currently nurturing bearish scenarios. The MACD, above the zero mark, is easing towards its red trigger line, while the declining RSI is approaching the 50 threshold. Furthermore, the negatively charged stochastic oscillator is promoting additional fading in price.

If the pair continues to dwindle, immediate downside hindrance could develop around the 50-period SMA at 0.7170, where the mid-Bollinger band also resides, ahead of the 0.7149 barrier. Pushing under the latter, which happens to be the 23.6% Fibonacci retracement of the up leg from 0.6612 until 0.7314, the neighbouring 200-period SMA at 0.7140 could attempt to dismiss further declines in price. Should sellers remain in control, they may challenge the foundation of the range of 0.7082-0.7100, which also contains the lower Bollinger band.

If buyers manage to step back above the 100-period SMA at 0.7196, they may encounter the resistance ceiling of 0.7224-0.7240 of the horizontal pattern hovering overhead, which may impede additional gains. However, should the bulls triumph over this frontier, the price may shoot for the 0.7280 border before targeting the 0.7305 high, around the 32½-month peak.

Summarizing, NZDUSD retains a fairly neutral-to-bullish tone above the 0.7082-0.7100 boundary. The oscillating price would need to break below 0.7082-0.7100 or above 0.7224-0.7240 for a clearer direction to unfold.

#source

Share:


Related

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

A dovish Reserve Bank of New Zealand (RBNZ) policy outcome this week, accompanied by a bloated NZD long positioning sees the kiwi breaking under a protracted...

25 Nov 2021

NZD/USD struggles for direction, flat-lined above mid-0.7100s
NZD/USD struggles for direction, flat-lined above mid-0.7100s

The NZD/USD pair seesawed between tepid gains/minor losses through the early part of the European session and was last seen trading in the neutral territory...

9 Nov 2021

Move beyond 50% Fibo. sets the stage for further gains
Move beyond 50% Fibo. sets the stage for further gains

NZD/USD gained strong traction for the fifth consecutive session on Tuesday. Sustained break through the 0.7100 confluence hurdle favours bullish traders...

19 Oct 2021

NZD: Buy the Rumor sell the fact?
NZD: Buy the Rumor sell the fact?

The RBNZ confirmed a 25-basis-point rate raise, which had been widely anticipated and already factored into the markets. The NZD, however, did not benefit from the boost...

14 Oct 2021

NZD/USD pares intraday gains, up little around 0.6915-20 area
NZD/USD pares intraday gains, up little around 0.6915-20 area

The risk-on impulse provided a modest boost to the perceived riskier kiwi on Thursday. Hawkish Fed expectations acted as a tailwind for the USD and capped gains for the pair...

7 Oct 2021

The Kiwi is falling
The Kiwi is falling

NZDUSD is being sold after the RBNZ meeting. The New Zealand Dollar is falling against the USD. The current quote for the instrument is 0.6880. During its October meeting...

6 Oct 2021


HotForex information and reviews
HotForex
85%
XM information and reviews
XM
80%
FXCM information and reviews
FXCM
79%
AvaTrade information and reviews
AvaTrade
76%
LegacyFX information and reviews
LegacyFX
75%
FP Markets information and reviews
FP Markets
72%

© 2006-2021 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.