Monday, November 13, 2017
Will the Kiwi go back to its bearish trend?
The
Kiwi or the NZD/USD was retracing to the upside from the 0.6800 zone as the
probabilities of a rate hike by the Reserve Bank of New Zealand got higher amid
a warning about rising inflation. However, once the pair got close to the
0.7000 level, the stochastics indicator visited the overbought level at the 80%
zone and bounced to the downside at the same time that the price of the NZD/USD
came back to the 0.6900 level. Since October 24th, the 55 day EMA
crossed below the 200 day EMA, forming what we know as a “death cross”, which
has bearish implications in the midterm. Therefore, it is not unlikely to see
the pair go back to its bearish trend, but at the same time the 0.6900 level
may act as support. Additionally, in order for the NZD/USD to go back to its
bearish trend, the price must break below the 0.6800 level.
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I agree with your assessment.
ReplyDeleteThere is still space for further decline
ReplyDeleteSeems like it will keep pushing lower.
ReplyDeleteIt's quite bearish for now.
ReplyDeleteIt's moving even lower.
ReplyDeleteThank you for sharing.
ReplyDeleteGood post.
ReplyDeleteGood post. Very helpful.
ReplyDeleteSmall gap.
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