XM Group - Analytics

    XM Group

    603.00 6.50/10
    72% of positive reviews
    Real

    Technical Analysis – NZDUSD rally to 3-month high meets barrier

    NZDUSD has made some strong gains, but is now facing a significant hurdle at 0.6749, which is the 38.2% Fibonacci retracement of the 0.7743- 0.6139 (April-August) decline.

    Since RSI has reached overbought territory there is a risk for corrective moves back down. This has already happened on Tuesday after the pair reached a 3-month high of 0.6738 on Monday. The support area lies between 0.6516 and 0.6466.

    Looking at the bigger picture, the market has risen above the Ichimoku cloud, which is a bullish signal. But prices would need to rise above the key 0.7000 level in order to weaken the overall bearish bias.

    Risk Warning: Forex, Commodities, Options and CFDs (OTC Trading) are leveraged products that carry a substantial risk of loss up to your invested capital and may not be suitable for everyone. Please ensure that you fully understand the risks involved and do not invest money you cannot afford to lose. Please refer to our full Risk Disclosure.


    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree