FXTM information and reviews
FXTM
93%
IronFX information and reviews
IronFX
92%
Libertex information and reviews
Libertex
91%
FXCC information and reviews
FXCC
90%
Markets.com information and reviews
Markets.com
89%
FxPro information and reviews
FxPro
88%

NZDUSD maintains upside potential, but some caution grows


24 February 2021

NZDUSD sped up beyond its January’s peak after breaking above a symmetrical triangle, with the price charting a fresh 34-month high of 0.7382 on Wednesday. The short-term bias continues to look bullish as the RSI is sloping upwards and towards its 70 overbought mark, and the MACD keeps strengthening its positive momentum above its red signal line.

That said, the price is currently within breathing distance of the 0.7400 ceiling, which triggered the six-month-old downtrend in April 2018, raising some speculation that the bears could be around the corner. If buyers manage to breach that wall, resistance could be next detected near the 161.8% Fibonacci extension of the latest downfall at 0.7450, while higher, the top of 2017 registered within the 0.7525 – 0.7555 region could be another tough obstacle.

On the downside, January’s peak of 0.7314 has been successfully supporting the market over the past couple of days and it will be closely watched in the event of a downside reversal. If the price fails to set a foothold here, the spotlight will turn to the crucial congested area of 0.7250 – 0.7188, where the topline of the triangle and the 20- and 50-day simple moving averages (SMA) are located. Should sellers claim that territory too, the door would open for the 0.7100 handle, a break of which would violate the upward pattern in the bigger picture, likely encouraging another negative correction to 0.7000

In brief, NZDUSD bulls are expected to hold the reins in the short run, though some caution needs to be warranted as the price approaches the key resistance zone of 0.7400 – 0.7450.

#source

Related

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

Trade of the Week: NZD sinks on single covid case. Can the kiwi recover?
Trade of the Week: NZD sinks on single covid case. Can the kiwi recover?

Entering this trading week, the New Zealand dollar had a roaring start to August, being the best-performing G10 currency against the US Dollar so far this month...

18 Aug 2021

RBNZ meeting in the spotlight
RBNZ meeting in the spotlight

Kiwi burned by doubts about RBNZ rate hike tomorrow - US stocks hit new records, Chinese equities get smoked - Dollar braces for US retail sales and Powell speech...

17 Aug 2021

RBNZ rate hike to send AUDNZD to 16-month low?
RBNZ rate hike to send AUDNZD to 16-month low?

Currency markets remain focused on the US dollar amid heightened expectations that the Fed will might well have to taper sooner rather than later...

16 Aug 2021


Editors' Picks

OctaFX information and reviews
OctaFX
86%
HotForex information and reviews
HotForex
85%
XM information and reviews
XM
80%
FXCM information and reviews
FXCM
79%
Vantage FX information and reviews
Vantage FX
78%
Moneta Markets information and reviews
Moneta Markets
77%

© 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.