Technical analytics



Bulls gave up control on Wednesday. Bears used this opportunity and tightened grip. They sent the rate away below 0.6550 and were able to lead the spot to 0.6520 first, but did not stop after that and reached the 0.6500 area afterwards. The 0.6500 area is closed to the retracement of 23.6% which is a good natural barrier. The spot found fresh bids here and bounced to the Fibonacci retracement of 38.2% first which is located at 0.6230. The NZD did not stop after that and advanced through the 0.6550 level (a retracement of 50.0%) to 0.6580. The EMA200 is still neutral, while the EMA100 turned bearish. MACD is the midline. RSI left to the oversold levels and moved upwards. The resistance stands at 0.6600, the support is at 0.6550.

If bulls stay above 0.6550, they will double their efforts to reach 0.6600 which is a retracement of 61.8%.

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