- January 11, 2022
- Posted by: cabana-admin
- Category: Market Insights
Overview: From the view of the daily chart NZDUSD increased demand for the US dollar, the bulls need to clear the 0.6766 resistance in order to regain the upside momentum .the momentum of the pair is getting higher . Bulls are showing their aggression in the market .A sustained move over 0.6684 will indicate the presence of buyers . From the technical prespective, the spot continues to wave within a four-day –long rising channel. The bulls need to clear the 0.6766 resistance in order to regain the upside momentum. The pair I making the higher high and higher lows . The bulls are making the positive momentum in the market and making higher swings. However, the buyers remains hopeful, as the hourly relative strength index point north above the midline , currently at 0.6766.
Technical Analysis: from the technical view of the market we can say that today range’s 0.6766-0.6789.
The pair is trading above all the major and minor EMA lines .the pair range is rising channel on the hourly chart .The pair is trending on the upwards side. The NZDUSD key resistance at 6700 today .A break above 0.6768 is showing us a buying signal. The daily chart suggest approaching overbought territory in the market.
The RSI is below the 50 levels which is favoring the bears. A bearish crossover on MACD indicator is showing the weakness in the pair.
Trade idea : Based on the chart and studies above we would suggest that go for buy 0.6769 target is 0.6784 and 0.6884 level sell 0.6619