The previous assumptions about the NZD/USD pair were false, as the rate surged in the second half of Wednesday only to be squeezed in between various hourly simple moving averages.
Meanwhile, our analysts did a full review of the pair. Long, medium and short term patterns were discovered.
Essentially the currency exchange rate was expected to continue to surge in the short term as soon as it passed the resistance of the 55 and 100– hour simple moving averages near the 0.6920 mark.
If that would occur, the most dominant trend line near 0.6950 would be targeted.
Meanwhile, our analysts did a full review of the pair. Long, medium and short term patterns were discovered.
Essentially the currency exchange rate was expected to continue to surge in the short term as soon as it passed the resistance of the 55 and 100– hour simple moving averages near the 0.6920 mark.
If that would occur, the most dominant trend line near 0.6950 would be targeted.
Comment:
The NZD/USD currency pair was constrained by upside risks on Friday trading session. Nevertheless, the gains were stopped by the weekly pivot point at the 0.6964 regions.
During the European session on Monday, the currency pair was trading in a relatively calm manner, as the rate as gradually moving south. However, the monthly pivot point at 0.6944 was proving support for the pair.
On the four-hour time frame, technical indicator demonstrates that bulls are likely to grow stronger with the next 24hrs. While on the weekly time-frame, it suggests that bearish sentiment could dominate this week.
During the European session on Monday, the currency pair was trading in a relatively calm manner, as the rate as gradually moving south. However, the monthly pivot point at 0.6944 was proving support for the pair.
On the four-hour time frame, technical indicator demonstrates that bulls are likely to grow stronger with the next 24hrs. While on the weekly time-frame, it suggests that bearish sentiment could dominate this week.
Afterwards the following decline was stopped by the strong support cluster near the 0.6920 mark. By the middle of Friday’s trading session the currency rate was still located at the mentioned support level. Moreover, the support cluster was about to be strengthened by the 200-hour SMA, which was approaching from the downside near the 0.6910 mark.
Most likely the support will hold the ground until it reaches the dominant resistance line during the first half of next week.