XM Group - Analytics

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    Technical Analysis – NZDUSD bearish in lower Bollinger Band

    NZDUSD is consolidating between support at 0.6560 and resistance at 0.6650 after bouncing off six-year lows of 0.6496 that was reached on July 16. The RSI is pointing up but is in bearish territory so this suggests consolidation in the near term but the overall trend for NZDUSD is bearish. Prices are in a falling channel in the lower half of the Bollinger Band. The market is below the 200-day moving average so this highlights the bearish bias.

    As long as prices remain below the key psychological level of 0.7000, the bearish trend will likely remain intact.

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