FXTM

Kiwi is surging to higher levels

Long
OANDA:NZDUSD   New Zealand Dollar / U.S. Dollar
The NZDUSD currency pair on the Daily Chart has been in an uptrend since 23 May 2019 when it registered the low price at 0.64818. On 5 June 2019, the NZDUSD currency pair recorded the high price of 0.66449. Applying Oscillator Analysis on the price chart, one can notice that price is trading below the SMA 60 period Moving Average line, a fact that confirms the downward direction of Kiwi. Furthermore, the MACD (Moving Average/Convergence Divergence) Oscillator is recording values below the zero line which hints to the bearish bias of financial instrument. Additionally, the RSI (Relative Strength Index) Oscillator registers values above the fifty line which indicates positive sentiment. The three technical indicators display mixed signals about the direction of the financial instrument. Applying the Fibonacci tool on the price chart, three price targets may be calculated. The first price target is estimated at 0.65990 (161.8%). The second price target is seen at 0.66633 (261.8%). The third price target is projected at 0.67674 (423.6%). The Kiwi is currently trading above the uptrend line. The presence of the Long White Body hints for a potential rally to the upside. Current price is 1.7 % above the last week close after a sharp rise in price during a period of heavy buying. Of course, supply and demand as well as the crowd sentiment will determine the course of Kiwi.

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