Technical Analysis of Daily Price Movement of NZD/USD Commodity Currency Pairs, Monday July 3, 2023.
July 3, 2023 9:23 am
From what can be seen, we can see on the Kiwi daily chart that this commodity currency pair is actually still dominated by sellers, which can be seen from the price movement, which is still moving below the Moving Average and is in a channel that is going down and confirmed by the CCI indicator which has managed to fall of the three levels and is now stuck at level 0 which indicates that there is currently a correction rally going up but halted by a resistance based on the facts above, NZD/USD is now trying to break its resistance in the range of the 0.6146-0.6181 area which is important during a correction rally above does not exceed the 0.6231 level, so NZD/USD has the potential to continue its decline to the level of the 0.6062-0.6016 area.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
From what can be seen, we can see on the Kiwi daily chart that this commodity currency pair is actually still dominated by sellers, which can be seen from the price movement, which is still moving below the Moving Average and is in a channel that is going down and confirmed by the CCI indicator which has managed to fall of the three levels and is now stuck at level 0 which indicates that there is currently a correction rally going up but halted by a resistance based on the facts above, NZD/USD is now trying to break its resistance in the range of the 0.6146-0.6181 area which is important during a correction rally above does not exceed the 0.6231 level, so NZD/USD has the potential to continue its decline to the level of the 0.6062-0.6016 area.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
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