The NZD/USD
had been falling from the 0.7400 zone to the 0.6900 area from where it retraces
to the upside, as shown on the daily chart. The correction takes the price of
the NZD/USD to the 55 day EMA (purple line) at the 0.7045 level where it finds
a resistance. The pair consolidates below the 55 day EMA and the 0.7000 level.
It seems like the bullish pressure is accumulating at the 55 day EMA and a
breakout of that level could take the NZD/USD to the 200 day EMA (blue line) at
the 0.7125 level. Above the 200 day EMA the pair has no more resistances until
the 0.7300 level. In case of a bearish breakdown, below the 0.7000 level the
pair could drop to the 0.6900 level or even the 0.6800 level.
Good post. Very helpful.
ReplyDeleteInteresting levels to be watchful of, thanks for the info.
ReplyDeleteVery helpful analysis, thank you!
ReplyDeleteThank you for the detailed analysis.
ReplyDeleteGreat article as always.
ReplyDeleteThe upward correction seems to be losing strength.
ReplyDeleteGood point! I'll keep an eye on it.
ReplyDeleteThanks for the tips.
ReplyDelete