The New Zealand Dollar continued to lose strength against the US Dollar since it touched the resistance level at 0.7440 on Wednesday at 22:00 GMT. Since then the pair has touched a new higher low level.
The pair has broken previously drawn channel , and a new junior channel has been mapped out to trail the currency exchange rate. By the middle of Friday’s trading session, the pair is stranded between the SMAs.
Regarding the future trading sessions, the pair is likely to continue the bearish path until it breaches the dominant channel lower trend line.
The pair has broken previously drawn channel , and a new junior channel has been mapped out to trail the currency exchange rate. By the middle of Friday’s trading session, the pair is stranded between the SMAs.
Regarding the future trading sessions, the pair is likely to continue the bearish path until it breaches the dominant channel lower trend line.
Comment:
The New Zealand Dollar continued to decline against the US Dollar since it touched the resistance level at 0.7440 on Wednesday at 22:00 GMT.
As expected, the Kiwi breached the dominant channel's upper trend line and slowly gained strength against the US Dollar. By the middle of Monday's session, the 200—hour simple moving average was providing support at 0.7326.
Regarding the short-term future, the bulls are likely to take over the pair and retrace north. If and when this occurs, the movement might find resistance at the weekly pivot point level at 0.7356.
The New Zealand Dollar continued to decline against the US Dollar since it touched the resistance level at 0.7440 on Wednesday at 22:00 GMT.
As expected, the Kiwi breached the dominant channel's upper trend line and slowly gained strength against the US Dollar. By the middle of Monday's session, the 200—hour simple moving average was providing support at 0.7326.
Regarding the short-term future, the bulls are likely to take over the pair and retrace north. If and when this occurs, the movement might find resistance at the weekly pivot point level at 0.7356.
Comment:
The New Zealand Dollar has been depreciating in a descending channel against the US Dollar after it touched the upper boundary of a dominant channel on January 30.
A new junior pattern has been drawn to trail the market movement for a possible breakout.
In the coming days, traders need to watch out for a likely breakout through the upper boundary. If and when its happens, the rally might encounter resistance at the weekly pivot point at 0.7334.
The New Zealand Dollar has been depreciating in a descending channel against the US Dollar after it touched the upper boundary of a dominant channel on January 30.
A new junior pattern has been drawn to trail the market movement for a possible breakout.
In the coming days, traders need to watch out for a likely breakout through the upper boundary. If and when its happens, the rally might encounter resistance at the weekly pivot point at 0.7334.
Comment:
As expected, the NZD/USD pair breached the upper boundary of the dominant channel.
After hitting the 50.00% Fibonacci retracement level, the currency exchange rate is gradually moving back south to test the lower boundary of the ascending channel. This retracement can be measured by connecting the low at 0.7178 and the high at 0.7421.
For the near future, the currency pair is likely to remain bullish. Meanwhile, technical indicators suggest mixed signals.
After hitting the 50.00% Fibonacci retracement level, the currency exchange rate is gradually moving back south to test the lower boundary of the ascending channel. This retracement can be measured by connecting the low at 0.7178 and the high at 0.7421.
For the near future, the currency pair is likely to remain bullish. Meanwhile, technical indicators suggest mixed signals.
As expected, the Kiwi breached the dominant channel's upper trend line and slowly gained strength against the US Dollar. By the middle of Monday’s session, the 200—hour simple moving average was providing support at 0.7326.
Regarding the short-term future, the bulls are likely to take over the pair and retrace north. If and when this occurs, the movement might find resistance at the weekly pivot point level at 0.7356.