Thu, Jul 29, 2021 @ 12:35 GMT
HomeContributorsTechnical AnalysisNZD/USD Capped By Falling Trendline

NZD/USD Capped By Falling Trendline

The New Zealand dollar sees profit-taking in anticipation of this week’s FOMC.

The pair has been in extended consolidation after it broke above the daily resistance at 0.7300. The descending trendline indicates increasing selling pressure.

The kiwi has a well-established demand zone around 0.7115, a key support from the daily chart. As the RSI rises back from an oversold situation, buying interest could push the pair towards the trendline (0.7180).

The ten-week-long rally may resume only if the price breaks out.

At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading.

Featured Analysis

Learn Forex Trading