No significant changes were introduced to the NZD/USD exchange rate on Monday, as the New Zealand Dollar remained stable against the US Dollar and continue moving along the 55-hour simple moving average.
By the middle of Tuesday’s trading session, the currency pair has tested the 100-hour SMA at 0.6754. Given that the pair has tested the moving average, bulls could target the next resistance which is the weekly pivot point.
Technical indicators on the 4H, daily, and weekly time frames flashes strong sell signals. This could suggest that the currency exchange rate might reverse from one of the aforementioned resistance levels within this session.
By the middle of Tuesday’s trading session, the currency pair has tested the 100-hour SMA at 0.6754. Given that the pair has tested the moving average, bulls could target the next resistance which is the weekly pivot point.
Technical indicators on the 4H, daily, and weekly time frames flashes strong sell signals. This could suggest that the currency exchange rate might reverse from one of the aforementioned resistance levels within this session.
Comment:
Downside risks prevailed in the market on Wednesday and thus sending the New Zealand Dollar to plunged by 86 pips or 1.27% against the US Dollar. As a result, the currency broke out through the lower boundary of a downtrend channel. Moreover, the three SMAs pressured the rate further south.
The decline of the NZD/USD currency pair continued on Thursday, however, this bearish momentum was stopped by the weekly support level at 0.6654.
As for the near future, the currency exchange rate might continue its movement south during the following trading session. Meanwhile, technical indicators favour bears to grow stronger today.
The decline of the NZD/USD currency pair continued on Thursday, however, this bearish momentum was stopped by the weekly support level at 0.6654.
As for the near future, the currency exchange rate might continue its movement south during the following trading session. Meanwhile, technical indicators favour bears to grow stronger today.
Comment:
The New Zealand Dollar has declined massively against the US Dollar during the last 24 hours. During the short period, the currency pair fell below a dominant ascending channel and also breached the both the weekly and the monthly pivot point.
The 55– and 100-hour simple moving averages guided the NZD/USD currency pair lower on Thursday. By the close of the European trading session on Friday, the pair has reached a two-year historical low level at 0.6574.
Everything being equal, it is unlikely that an upside momentum will come in play today, as bears traders are holding their positions very strong. In addition, technical indicators suggest bears are likely to grow stronger within this session.
The 55– and 100-hour simple moving averages guided the NZD/USD currency pair lower on Thursday. By the close of the European trading session on Friday, the pair has reached a two-year historical low level at 0.6574.
Everything being equal, it is unlikely that an upside momentum will come in play today, as bears traders are holding their positions very strong. In addition, technical indicators suggest bears are likely to grow stronger within this session.
Comment:
No changes occurred in the overall positioning of the NZD/USD exchange rate. Lack of outside pressure resulted in the pair trading sideways along a narrow descending channel pattern.
The Kiwi failing to pick up bullish momentum during Friday’s trading session allows traders to think that the bearish sentiment could continue to dominate the currency pair within this session.
By and large, it is likely that the currency exchange rate continues moving down along the 55-hour simple moving average and for a potential target at the weekly pivot point near the 0.6550 mark today.
The Kiwi failing to pick up bullish momentum during Friday’s trading session allows traders to think that the bearish sentiment could continue to dominate the currency pair within this session.
By and large, it is likely that the currency exchange rate continues moving down along the 55-hour simple moving average and for a potential target at the weekly pivot point near the 0.6550 mark today.
Comment:
Monday’s session did not introduce changes to the NZD/USD currency pair which was mainly due to resistance and support surrounding the rate. As a result, the New Zealand Dollar was trading sideways against the US Dollar.
By the middle of Tuesday’s trading session, the 55-hour simple moving average has fallen below the price. This move could suggest that the trend of the market might be changing in the short term.
In case the 55-hour SMA remain below the price within this session, bulls are likely to push the currency exchange rate higher towards strong resistance cluster formed by the weekly pivot point and the 100-hour SMAs near 0.6639 within the following trading day.
By the middle of Tuesday’s trading session, the 55-hour simple moving average has fallen below the price. This move could suggest that the trend of the market might be changing in the short term.
In case the 55-hour SMA remain below the price within this session, bulls are likely to push the currency exchange rate higher towards strong resistance cluster formed by the weekly pivot point and the 100-hour SMAs near 0.6639 within the following trading day.
Comment:
The New Zealand Dollar continued to depreciate against the US Dollar for the third consecutive trading session on Tuesday. This downside movement has resulted in the pair to breached the 55-hour simple moving average.
During the European session on Wednesday, the currency pair tested monthly S3 at 0.6550.
As for the near future, it is likely that the NZD/USD currency exchange rate continue moving along a junior descending channel pattern until its lower boundary is reach. Also, technical indicators suggest that bears are likely to grow strong within this given session.
During the European session on Wednesday, the currency pair tested monthly S3 at 0.6550.
As for the near future, it is likely that the NZD/USD currency exchange rate continue moving along a junior descending channel pattern until its lower boundary is reach. Also, technical indicators suggest that bears are likely to grow strong within this given session.
Comment:
Bullish momentum primarily guided the New Zealand Dollar against the US Dollar on Thursday. The currency pair strengthens its position during the end of yesterday trading session.
By the middle of Friday’s session, the exchanged rate has tested a one-week resistance level at 0.6608. Furthermore, the 100-hour simple moving average was providing support for the pair at 0.6579.
By and large, it is likely that the NZD/USD currency exchange rate continues its northern journey during the following trading session until it breaks the newly formed junior ascending channel.
By the middle of Friday’s session, the exchanged rate has tested a one-week resistance level at 0.6608. Furthermore, the 100-hour simple moving average was providing support for the pair at 0.6579.
By and large, it is likely that the NZD/USD currency exchange rate continues its northern journey during the following trading session until it breaks the newly formed junior ascending channel.
Comment:
Upside risks prevailed in the market on Friday, as the currency pair ended the session with a 59 pips gain. Bulls dominance in the market over the NZD/USD exchange rate resulted in the price to breached the 200-hour simple moving average.
However, after testing the upper boundary of a junior ascending channel at 0.6643, the New Zealand Dollar began to weaken against the US Dollar. Currently, the pair is located near a support level formed by the 200-hour SMA and the monthly pivot point.
Given that the three SMAs are below the price, the upward momentum is likely to continue during the following trading session. Meanwhile, technical indicators flash strong buy signals on the 4H time frame chart.
However, after testing the upper boundary of a junior ascending channel at 0.6643, the New Zealand Dollar began to weaken against the US Dollar. Currently, the pair is located near a support level formed by the 200-hour SMA and the monthly pivot point.
Given that the three SMAs are below the price, the upward momentum is likely to continue during the following trading session. Meanwhile, technical indicators flash strong buy signals on the 4H time frame chart.
Comment:
Upside momentum continues to prevail with the NZD/USD currency pair, thus pushing it higher for the fourth consecutive trading session. This short-term appreciation has sent the Kiwi to a two-week high level at 0.6673.
By the middle of Tuesday session, the exchange rate has reached the upper boundary of a narrow ascending channel. Furthermore, the 55-, 100-, and 200-hour SMAs have fallen below the price action.
Given that the three SMAs are below the price on the one-hour time frame, it is likely that the bullish sentiment could continue to dominate the currency exchange rate within this session.
By the middle of Tuesday session, the exchange rate has reached the upper boundary of a narrow ascending channel. Furthermore, the 55-, 100-, and 200-hour SMAs have fallen below the price action.
Given that the three SMAs are below the price on the one-hour time frame, it is likely that the bullish sentiment could continue to dominate the currency exchange rate within this session.
Comment:
The New Zealand Dollar spent Wednesday’s session trading below the monthly pivot point at 0.6721 against the US Dollar. By the end of the session, the currency pair breached the 55-hour simple moving average and also tested the lower boundary of a junior ascending channel.
A breakout occurred through the bottom border of the junior ascending channel during the Asian session on Thursday. However, no significant decline was introduced afterwards.
As for the near future, traders need to watch a support level formed by the 100-hour SMA, if they get passed, the next target for the currency exchange rate could be the 200-hour moving average.
A breakout occurred through the bottom border of the junior ascending channel during the Asian session on Thursday. However, no significant decline was introduced afterwards.
As for the near future, traders need to watch a support level formed by the 100-hour SMA, if they get passed, the next target for the currency exchange rate could be the 200-hour moving average.
The New Zealand Dollar failing to pick up momentum during the yesterday session allows traders to think that the bearish pressure could continue to dominate the currency pair within this session.
Everything being equal, it is expected that the currency exchange rate breached the support level formed by the combination of the 55– and 100-hour SMAs during the following trading day.