A strong resistance cluster set by the monthly pivot point and the 55– hour simple moving average near 0.7279 sent the price movement further south.
However, this decline could find support at the 200-hour SMA at 0.7237. In the meantime, the currency exchange rate is likely to continue its bearish movement until it encounters support either at the aforementioned SMA or the weekly pivot point at 0.7222.
This week no more important news are expected so the pair might continue trading sideways based on technicals.
Chart: NZD/USD H4
I think it may soon break out below 0.7200.
ReplyDeleteThe move to the downside may be over.
ReplyDeleteLet’s see how it keeps going.
ReplyDeleteImportant levels to keep in mind.
ReplyDeleteGood point! I'll keep an eye on it.
ReplyDeleteThanks for the relevant information.
ReplyDelete