Wed, Feb 01, 2023 @ 07:04 GMT
HomeContributorsTechnical AnalysisNZDUSD Ticks Up From Falling Trend Line

NZDUSD Ticks Up From Falling Trend Line

NZDUSD is rising after bouncing off the long-term descending trend line and the 200-day simple moving average (SMA) but is still hovering beneath the 20-day SMA.

The negatively aligned Tenkan-sen line serves as a testament to the negative short-term momentum.  The Chikou Span, though, is signaling a potentially oversold market; a near-term reversal should thus not be ruled out. The MACD oscillator is still declining beneath its trigger line in the positive region; however, the RSI is pointing upwards above the neutral threshold of 50.

Immediate support to further declines may take place around the 200-day SMA at 0.6220 ahead of the 50-day SMA at 0.6180, while the 0.6150 barrier could provide additional support in case of steeper losses.

A move to the upside may meet resistance around the 20-day SMA at 0.6340 and the 0.6370 hurdle. More gains could open the way towards the 0.6470 barrier and the six-month peak of 0.6512, while any increases above the latter level would endorse the medium-term bullish outlook.

Overall, NZDUSD is still standing above the downtrend line, suggesting that upside pressures may come next. 

XM.com
XM.comhttp://clicks.pipaffiliates.com/c?c=231129&l=en&p=0
XM is a fully regulated next-generation financial services provider of online trading on currency exchange, commodities, equity indices, precious metals and energies, with services to clients from over 196 countries worldwide. Founded in 2009 by market experts with extensive knowledge of the global forex and capital markets and with the aim to ensure fair and reliable trading conditions for every client, XM has reached international recognition by virtue of its unbeatable execution of orders, spreads as low as zero pips on over 50 currency pairs, gold and silver, flexible leverage up to 888:1, and personalized customer engagement to foster clients’ success.

Featured Analysis

Learn Forex Trading