Technical Analysis – NZDUSD overcomes SMAs but finds wall at 0.6300
April 4, 2023 1:29 pm
NZDUSD is testing the 0.6285 resistance level again after the successful attempt to jump above the short-term simple moving averages (SMAs), which are turning higher. The RSI is pointing slightly down in the positive region, while the MACD is pointing to very weak positive momentum, as it remains fractionally above its trigger line.
If the market strengthens its bullish structure, then it may then find resistance from the 0.6390 barrier ahead of the eight-month high of 0.6530. Any climbs above this region could endorse the long-term positive outlook, meeting the 0.6580 line, taken from the peak in May 2022.
Otherwise, a descending move below the SMAs could open the door for a test of the 0.6170 support and the 200-day SMA at 0.6153. Below that, the market could hit the previous bottom at 0.6080 before changing bias back to negative and resting near 0.6000.
All in all, NZDUSD is facing an upside tendency in the very short term after the rebound off 0.6080 but the pair needs more boost to change the long-term picture to bullish as well.
NZDUSD is testing the 0.6285 resistance level again after the successful attempt to jump above the short-term simple moving averages (SMAs), which are turning higher. The RSI is pointing slightly down in the positive region, while the MACD is pointing to very weak positive momentum, as it remains fractionally above its trigger line.
If the market strengthens its bullish structure, then it may then find resistance from the 0.6390 barrier ahead of the eight-month high of 0.6530. Any climbs above this region could endorse the long-term positive outlook, meeting the 0.6580 line, taken from the peak in May 2022.
Otherwise, a descending move below the SMAs could open the door for a test of the 0.6170 support and the 200-day SMA at 0.6153. Below that, the market could hit the previous bottom at 0.6080 before changing bias back to negative and resting near 0.6000.
All in all, NZDUSD is facing an upside tendency in the very short term after the rebound off 0.6080 but the pair needs more boost to change the long-term picture to bullish as well.
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