The New Zealand Dollar depreciated about 84 base points against the US Dollar on Friday. The currency pair was pressured south by the 50-hour simple moving average.
However, the exchange rate bounced off from the lower boundary of an ascending channel pattern at 0.6789 during the morning hours of Monday’s trading session and currently testing a resistance level formed by the 50-hour SMA at 0.6818.
If the currency exchange rate passes the 50-hour SMA, the next target will be near the upper boundary of a descending channel at 0.6864.
Although, if the resistance level holds, a potential breakout could be expected within this session.
However, the exchange rate bounced off from the lower boundary of an ascending channel pattern at 0.6789 during the morning hours of Monday’s trading session and currently testing a resistance level formed by the 50-hour SMA at 0.6818.
If the currency exchange rate passes the 50-hour SMA, the next target will be near the upper boundary of a descending channel at 0.6864.
Although, if the resistance level holds, a potential breakout could be expected within this session.
Comment:
Upside risks prevailed in the market on Tuesday, thus sending the New Zealand Dollar to appreciated about 77 base points against the US Dollar.
However, after hitting a resistance level formed by a traditional weekly pivot point at 0.6881, the exchange rate began to decline. As a result, the rate breached the 200-hour simple moving average at 0.6852.
Taking into consideration the price level settings, it is likely that the NZD/USD currency exchange rate continues its upside journey during the following trading session. The potential target for the currency pair will be at the upper boundary of an uptrend line at 0.6920.
However, after hitting a resistance level formed by a traditional weekly pivot point at 0.6881, the exchange rate began to decline. As a result, the rate breached the 200-hour simple moving average at 0.6852.
Taking into consideration the price level settings, it is likely that the NZD/USD currency exchange rate continues its upside journey during the following trading session. The potential target for the currency pair will be at the upper boundary of an uptrend line at 0.6920.
Comment:
The New Zealand Dollar deprecated about 111 base points against the US Dollar on Wednesday. The decline was temporarily stopped by the weekly S1 at 0.6747 during the end Wednesday’s session.
As for the near future, it is likely that the NZD/USD currency exchange rate makes a brief retracement towards a resistance cluster set by the 100-hour simple moving average and the weekly PP at 0.6829.
However, technical indicators suggest that the decline of the exchange rate will continue within this session.
As for the near future, it is likely that the NZD/USD currency exchange rate makes a brief retracement towards a resistance cluster set by the 100-hour simple moving average and the weekly PP at 0.6829.
However, technical indicators suggest that the decline of the exchange rate will continue within this session.
Comment:
The New Zealand Dollar has continued to edge lower against the US Dollar. The exchange rate plunged by about 83 base points during the end of Friday’s trading session.
Currently, the currency pair is trading near a resistance level formed by the 50-hour simple moving average at 0.6752.
If the currency exchange rate passes the 50-hour SMA, a resistance cluster set by the combination of the weekly and the monthly pivot points at 0.6766 could stop the surge.
Meanwhile, technical indicators demonstrate that the pair will continue its downside movement today.
Currently, the currency pair is trading near a resistance level formed by the 50-hour simple moving average at 0.6752.
If the currency exchange rate passes the 50-hour SMA, a resistance cluster set by the combination of the weekly and the monthly pivot points at 0.6766 could stop the surge.
Meanwhile, technical indicators demonstrate that the pair will continue its downside movement today.
Comment:
Bearish sentiment has been dominating the New Zealand Dollar against the US Dollar since December 24.
The exchange rate is presently stranded between SMAs. The 50-hour simple moving average at 0.6730 is providing support for the pair, while the 100-hour SMA at 0.6751 is providing resistance.
Technical indicators demonstrate that the currency exchange rate will likely continue its downside momentum within this session. Bearish traders could aim for a psychological support level at 0.6700 during the following trading session.
The exchange rate is presently stranded between SMAs. The 50-hour simple moving average at 0.6730 is providing support for the pair, while the 100-hour SMA at 0.6751 is providing resistance.
Technical indicators demonstrate that the currency exchange rate will likely continue its downside momentum within this session. Bearish traders could aim for a psychological support level at 0.6700 during the following trading session.
However, the situation changed during the Asian session on Tuesday, as bullish momentum pushed the currency pair towards a resistance level formed by a traditional weekly pivot point at 0.6881.
After hitting the weekly R1 the exchange rate made a brief retracement down. Everything being equal, it is likely that the Kiwi aim at a support level set by the weekly PP at 0.6829 during the following trading session.