NZDUSD (D) - medium term bullish bias
The RSI divergence indicated a deceleration in the sell-off as the New Zealand dollar reached the lows of August 2015. The ensuing bullish MA cross suggested a buildup in the upward momentum while sellers scrambled to take profit. The final confirmation came in the form of a breakout above the major daily resistance of 0.6440. Without being over-bought, the kiwi is now ready to take off and we expect a rally towards 0.6550 in the first phase.
Key support: 0.6330
Key resistance: 0.6550
The RSI divergence indicated a deceleration in the sell-off as the New Zealand dollar reached the lows of August 2015. The ensuing bullish MA cross suggested a buildup in the upward momentum while sellers scrambled to take profit. The final confirmation came in the form of a breakout above the major daily resistance of 0.6440. Without being over-bought, the kiwi is now ready to take off and we expect a rally towards 0.6550 in the first phase.
Key support: 0.6330
Key resistance: 0.6550