NZD/USD refreshes intraday high around 0.6165 as it reverses losses made in the last two days amid early Friday in Auckland. In doing so, the Kiwi pair bounces off a short-term key support confluence comprising the 21-Exponential Moving Average (EMA), as well as an upward-sloping support line from early March.
The latest rebound of the Antipodeans can be considered as the positioning for the US employment report for June, including the Nonfarm Payrolls (NFP). That said, the bullish MACD signals also underpin the pair’s recovery.
Also read: NZD/USD slides towards 0.6155 following strong US data
However, a seven-week-old symmetrical triangle, currently between 0.6210 and 0.6065, restricts the NZD/USD pair’s short-term moves.
Even if the quote defies the triangle formation by crossing the 0.6210 hurdle, the 200-EMA level of around 0.6220 will challenge the pair buyers before giving them control.
It’s worth noting that the US jobs report need to support the quote’s upside break of the 200-EMA to convince the NZD/USD bulls.
On the flip side, a daily closing below the 0.6150 support confluence comprising the 21-EMA and the aforementioned multi-day-old rising trend line could drag the quote towards the 0.6100 round figure before directing it to the stated triangle’s bottom line surrounding 0.6065.
Following that, multiple supports near 0.6030, the 0.6000 psychological magnet and the yearly low marked in May around 0.5985 could challenge the NZD/USD bears.
Trend: Limited recovery 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.