XM - Analytics

    XM

    599.50 7.00/10
    70% of positive reviews
    Real

    Technical Analysis – NZDUSD mini rally takes a pause; downside bias remains

    NZDUSD rallied by almost 2% in the previous two trading days but slipped back today to around the 0.65 level. Near term indicators are mixed with the stochastics still rising but RSI peaked before reaching 50 and has dipped back down again. The pair could still have some upside momentum for the coming days but may struggle to make significant gains.

    The outlook in the medium term remains bearish with prices below the Ichimoku cloud and the moving averages. The nearest resistance is the 0.66 level – a break above this level could open the way for a rise above the 50-day moving average and into the cloud. This would shift the outlook back to neutral.

    To the downside, a drop below Wednesday’s intra-day low of 0.6346 would increase the downside bias and the next support could come at the August 2015 low of 0.6140.

    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