Technical analytics

NZD/USD

NZDUSD

The overall picture is still negative, although buyers received a chance to reverse some losses on Friday. NZD was declining when the major ran through fresh bids in the 0.6830 area. The price recovered to the 0.6850 hurdle first. Buyers did not stop after that and continued their rally towards 0.6900 where they lost momentum. The spot approached a very strong resistance level which is reinforced by the 50, 100 and 200 EMAs. The moving averages are going south giving us a sell signal. MACD stopped its growth and turned around. RSI is heading downwards and is about to enter the oversold area. The resistance stands at 0.6900, the support is at 0.6800.

 

A return below 0.6900 will confirm the presence of sellers who may drive the spot towards 0.6850 in the coming sessions.

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