The Kiwi or
NZD/USD has been pulling back to the upside as shown on the daily chart and
reaches its 55 day EMA around the 0.7041 level, which is acting as resistance.
From the 55 day EMA the price of the NZD/USD bounce to the downside to the
0.7000 level and is currently boxed between those two levels. From the current
consolidation, the NZD/USD may head in any direction, but if it breaks to the
upside, the 200 day EMA at the 0.7125 level may act as resistance. Above the
200 day EMA, its next resistance is at the 0.7300 level. To the downside, below
the 0.7000 level, its next support zone is between the 0.6900 level and the
0.6850 level. Another possible scenario is that the pair may continue
consolidating in the current range.
It is waiting for the Fed interest rate decision.
ReplyDeleteThe move to the upside may continue.
ReplyDeleteThe pair is stable above 0.7000.
ReplyDeleteThank you for the assessment.
ReplyDeleteGood take on markets, really insightful.
ReplyDeleteThanks for such an informative analysis.
ReplyDeleteThe pair broke below 0.7 level.
ReplyDeleteGreat article as always.
ReplyDelete