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 bulls lose energy as key barriers arise


28 April 2021

NZDUSD has been struggling to surpass the wall composed by the squeezed Ichimoku cloud and the 23.6% Fibonacci of the 0.6510 – 0.7463 up leg at 0.7238 over the past week. The short-term bias remains tilted to the upside, though it is currently looking anemic as the RSI is ranging above its 50 neutral mark, while the MACD is rising at a slower pace within the positive area.

Slightly above the 0.7238 resistance, the broken supportive trendline seen around 0.7300 could be another crucial barrier to watch. If the bulls manage to claim that obstacle, the way would open towards the 0.7463 peak and then up to the 2017 top of 0.7557.

Alternatively, a downside reversal may initially examine the 50-day simple moving average (SMA) at 0.7145 before heading for the 38.2% Fibonacci of 0.7100. A step lower could develop aggressively towards the 50% Fibonacci of 0.6986, a break of which could immediately halt near the crucial support region of 0.6942 and the 200-day SMA. Any violation at this point may stretch the downfall from 0.7463 towards the 61.8% Fibonacci of 0.6813, downgrading the short-term outlook back to bearish.

In brief, NZDUSD is facing a weakening bullish bias as key barriers arise ahead. A clear close above 0.7300 could strengthen buying appetite.

#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.