NZD/USD stays defensive above 0.5800, taking rounds to 0.5830 during Friday’s Asian session, following a pullback from the monthly top. In doing so, the Kiwi pair struggle to justify the previous day’s bearish Doji candlestick, as well as a failure to cross the 50-DMA hurdle.
It should be noted, however, that a steady rise in the RSI (14) without being near the overbought territory, suggests that the sellers have a tough fight ahead.
That said, a two-week-old ascending trend line and the previous resistance line from August 12, respectively near 0.5720 and 0.5700, could challenge short-term NZD/USD bears.
Following that, the 21-DMA level of 0.5682 could act as the last defense of the buyers, a break of which might not hesitate to challenge the yearly low marked earlier in the month around 0.5510.
Meanwhile, a daily closing beyond the 50-DMA hurdle surrounding 0.5870, appears necessary for the NZD/USD buyer’s return.
The following run-up can face a tough time as the 0.5900 threshold and the 0.6000 psychological magnet will be strong hurdles.
In a case where NZD/USD rises past 0.6000, September’s peak near 0.6165 will be in focus.
Trend: Pullback expected
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.