XM - Analytics

    XM

    599.50 7.00/10
    70% of positive reviews
    Real

    Technical Analysis – NZDUSD stages strong rally to 1-year high

    NZDUSD staged a strong rally early on Thursday to reach a one-year high of 0.7146. The pair turned more bullish after clearing some important barriers. There was a daily close above the key 0.70 level on Wednesday. Prices also cleared the April 19 high of 0.7053 and the 0.7100 level. There is scope to target the next key level at 0.7200.

    The daily RSI is trending up but is entering overbought territory, which suggests that there could be some consolidation or a pullback in the near term. Support to the downside lies at the levels that previously acted as resistance (0.7053 and 0.7000).

    As long as prices remain above the 0.70 level, this would keep the medium term bullish outlook and would see a resumption of the uptrend that started from 0.6346 back in January.

    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