Posted on February 24, 2015 by the XM Investment Research Desk at 7:43 am GMT
NZDUSD appears to show signs of reversing. The corrective move up from the 4-year low of 0.7175 stopped at a high of 0.7572 on February 18. Since then prices turned back down and are heading towards immediate support at 0.7444, provided by the daily tenkan-sen line. A break below this would retest the 4-year low at 07175. To the upside, resistance lies at 0.7800.
The overall trend is bearish as the market has been making lower peaks and lower troughs from the July 2014 high of 0.8835. Momentum is favouring the downside. RSI has fallen back below the 50 line to re-enter bearish territory.