Technical Updates on NZD/USD (Kiwi).
The General Technical Overview of Kiwi is STRONGLY BEARISH
On a Short-Term - On the 1H and 2H Chart
This reveals that Kiwi is partly Bearish, with the price above the short-term Moving averages 21 and 50-day Moving averages (blue dot-line and black line), with a strong trend and momentum above these levels, this could result to much bigger corrective wave that might throw the bears off the market and incur another surge in the price of NZD/USD.
On a Long-Term - On the 4H and 1D Chart
The Pair is strongly Bearish with the long-term technical moving averages 50 and 200-day SMA (black and purple line) standing above the price level, with the Fibonacci levels measuring the recent correction to be below 0.5%. This is as good as it comes, unless the buyers are able to drive the price above these levels, the market is bearish and the next downward mark would be around the September low at 0.6860.
Traders are to be on a lookout for RBNZ Rate Statement and Official Cash Rate coming up later today.
Disclaimer: This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. This communication has been prepared based upon information, including market prices, data, and other information, believed to be reliable; however, the author does not warrant its completeness or accuracy. Trading CFDs involve risk and can result in loss of capital.
On a Short-Term - On the 1H and 2H Chart
This reveals that Kiwi is partly Bearish, with the price above the short-term Moving averages 21 and 50-day Moving averages (blue dot-line and black line), with a strong trend and momentum above these levels, this could result to much bigger corrective wave that might throw the bears off the market and incur another surge in the price of NZD/USD.
On a Long-Term - On the 4H and 1D Chart
The Pair is strongly Bearish with the long-term technical moving averages 50 and 200-day SMA (black and purple line) standing above the price level, with the Fibonacci levels measuring the recent correction to be below 0.5%. This is as good as it comes, unless the buyers are able to drive the price above these levels, the market is bearish and the next downward mark would be around the September low at 0.6860.
Traders are to be on a lookout for RBNZ Rate Statement and Official Cash Rate coming up later today.
Disclaimer: This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. This communication has been prepared based upon information, including market prices, data, and other information, believed to be reliable; however, the author does not warrant its completeness or accuracy. Trading CFDs involve risk and can result in loss of capital.