Technical Analysis – NZDUSD ticks down after rebound off 0.6175
May 23, 2023 1:27 pm
NZDUSD is failing to extend its upside movement that started after the rebound off the 0.6175 support level. However, the price is currently standing above the short-term simple moving averages (SMAs) that had a bullish crossover as well. The RSI is slightly pointing down near the neutral threshold of 50, while the MACD is weakening beneath its trigger line.
If the market corrects higher, the bullish action may pause initially near 0.6390 that has been an unbroken level since February. A rally on top of the latter would probably stage fresh buying pressure, with the price moving next to the eight-month high of 0.6530.
On the other hand, violating the 0.6175 support and the 200-day SMA at 0.6150, could see losses extending towards the short-term uptrend line at 0.6120 and the 0.6080 barrier. Even lower, the bears could stall around 0.6000.
In the medium-term picture, NZDUSD would resume the upside trend above 0.6390, while a dive below the 200-day SMA would bring the bearish outlook into play.
NZDUSD is failing to extend its upside movement that started after the rebound off the 0.6175 support level. However, the price is currently standing above the short-term simple moving averages (SMAs) that had a bullish crossover as well. The RSI is slightly pointing down near the neutral threshold of 50, while the MACD is weakening beneath its trigger line.
If the market corrects higher, the bullish action may pause initially near 0.6390 that has been an unbroken level since February. A rally on top of the latter would probably stage fresh buying pressure, with the price moving next to the eight-month high of 0.6530.
On the other hand, violating the 0.6175 support and the 200-day SMA at 0.6150, could see losses extending towards the short-term uptrend line at 0.6120 and the 0.6080 barrier. Even lower, the bears could stall around 0.6000.
In the medium-term picture, NZDUSD would resume the upside trend above 0.6390, while a dive below the 200-day SMA would bring the bearish outlook into play.
Related Posts: