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 under heavy strain, sellers try to suppress ascent


10 March 2021

NZDUSD has found a foothold at the 0.7098 barrier that happens to be the 38.2% Fibonacci retracement of the up leg from 0.6510 until 0.7464, which is aligned with the Ichimoku cloud’s lower surface. The predominantly bullish simple moving averages (SMAs) are defending the positive structure. However, the dipping red Tenkan-sen line is suggesting growing negative momentum, while the flattening blue Kijun-sen line is promoting a stall in the retreat from the 43-month peak of 0.7464.

The short-term oscillators are mirroring the latest price pullback and rebound but seem to be favouring the downside. The MACD, beneath its red signal line, is sliding below its zero mark, while the RSI is trying to maintain gains in the bearish region. Despite having stepped above the 20 level, the weak stochastic lines are not indicating a clear price direction but seem set to flirt again with the oversold border. That said, worth mentioning are the congested support levels, which could prove difficult for sellers to overpower.

If the bounce off the 38.2% Fibo gains momentum, an early zone of resistance could develop from the ceiling of the cloud until the 23.6% Fibo of 0.7239, also containing the 50-day SMA of 0.7221. Pushing higher and overrunning the nearby barrier of 0.7306 as well could inject the necessary confidence in the pair to bring forth a test of the resistance band of 0.7437-0.7464. A climb above the latter, which is the fresh multi-year peak, could reboot the uptrend lifting the pair towards the 0.7525-0.7577 limiting section.

Failed traction off the cloud’s lower band could result in sellers steering beneath the 38.2% Fibo of 0.7098 and encountering quick support from the 100-day SMA at 0.7069, followed by the 0.7000-0.7029 area of lows. Sinking further, the correction in price could then target the 61.8% Fibo of 0.6873.

Summarizing, NZDUSD’s bullish bias appears secure above the 100-day SMA and the 0.7000 boundary.

#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.