You are here: Home > articles > Forex > Technical Analysis – NZDUSD creates losses with strong support the lower Bollinger Band
Technical Analysis – NZDUSD creates losses with strong support the lower Bollinger Band
September 27, 2018 9:26 amVideo
Latest News
- GBP/USD: Simple trading tips for novice traders on April 22nd (US session) April 22, 2024
- EUR/USD: Simple trading tips for novice traders on April 22nd (US session) April 22, 2024
- GBP/USD: trading plan for the US session on April 22nd (analysis of morning deals). The pound continues to fall April 22, 2024
- EUR/USD: trading plan for the US session on April 22nd (analysis of morning deals). The euro will continue trading within April 22, 2024
- EUR/USD. April 22nd. Christine Lagarde’s speech will set the tone for the week April 22, 2024
- Technical Analysis – EURGBP brings bullish scenario back to the table April 22, 2024
- GBP/USD. April 22nd. The bulls continue to retreat April 22, 2024
- Can Australian CPI data lift the struggling aussie? – Preview April 22, 2024
- Meta reports Q1 earnings after new AI model – Stock markets April 22, 2024
- Weekly forecast based on simplified wave analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, AUD/JPY, and US dollar index on April 22, 2024
- Technical Analysis – GBPUSD tumbles to 5-month low April 22, 2024
- Weekly forecast based on simplified wave analysis for EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and Gold on April 22nd April 22, 2024
- Video market update for April 22, 2024 April 22, 2024
- Weekly Technical Outlook: 22/04/2024 – Dollar index, USDJPY, EURUSD April 22, 2024
- Market Comment – Risk appetite returns as geopolitical fears calm April 22, 2024
- Weekly Technical Outlook – Dollar index, USDJPY, EURUSD April 22, 2024
- Forex forecast 04/22/2024: EUR/USD, GBP/USD, USD/JPY and Bitcoin from Sebastian Seliga April 22, 2024
- USD/JPY: trading tips for beginners for European session on April 22 April 22, 2024
- Technical Analysis – EURUSD consolidates after decline pauses April 22, 2024
- GBP/USD: trading tips for beginners for European session on April 22 April 22, 2024
NZDUSD has come under renewed selling pressure falling back below the 0.6630 price level but remaining above the lower Bollinger band. Meanwhile, the 20-simple moving average (SMA) is ready to record a bearish crossover with the 40-SMA in the 4-hour chart, suggesting more losses. The RSI indicator dropped below the 50 level with strong momentum, while the MACD oscillator remains above zero line with weak movement.
If the price slip below the 0.6630 support level, it is expected to lose more ground. Initial support to declines could come from the zone around the 0.6600 handle. Steeper downside movement would send prices until the 0.6540 barrier.
On the other side, upside moves are likely to find resistance at the 20- and 40-SMAs around 0.6650 before touching the upper Bollinger Band at 0.6670. It is worth mentioning that the Bollinger Band is squeezing over the last session and is approaching the current market prices. A run above the upper Bollinger would push the pair towards the 0.6700 psychological level.
In the medium-term, NZDUSD has been trading bearish in the past five months after the pullback on the 0.7390 hurdle, but if the price jumps above 0.6725, this could shift the outlook to more neutral to bullish one.
If the price slip below the 0.6630 support level, it is expected to lose more ground. Initial support to declines could come from the zone around the 0.6600 handle. Steeper downside movement would send prices until the 0.6540 barrier.
Related Posts: