The NZDUSD has rallied over the past few trading sessions and formed a bullish price channel as visible in this H1 chart. Price action has run into its ascending resistance level and the most recent candlestick has formed a spinning top at resistance. We believe this currency pair will correct down to its ascending support level. MACD has not confirmed the bullish chart patterns and formed a negative divergence. We may witness a bearish centerline crossover over the next few trading days. RSI has formed a very narrow negative...
The NZDUSD has been trading in a range and has recently corrected lower from resistance levels as visible in this D1 chart. This currency pair has formed a double bottom formation and we expect it to rally back into its 50 DMA and potentially back into its resistance level. Furthermore, the last candle stick formed a spinning top at its ascending 200 DMA which acts as additional support. MACD has remained bearish which we expect to turn around as this pair starts to move higher. RSI is trading in oversold territory and a breakout...
The NZDUSD has extended its rally as visible in this D1 chart. This extension was fueled primarily by the US debt ceiling debate as well as government shutdown which has further pressured the USD. This currency pair has now formed two bearish chart patterns; a rising wedge formation as well as a double top formation. We expect the NZDUSD to correct as soon as this week which should lead to a breakdown of it ascending support level and this currency pair could drop down to its 200 DMA. MACD has not confirmed the extension of the...
The NZDUSD has corrected sharply as visible in this H4 chart and currently trades around its support zone. The reason for the recent collapse was comments by the New Zealand Central Bank which would like to see a weaker Kiwi. We believe the correction was overdone and due for a bounce back into resistance. MACD has bottomed out at roughly the same level as its previous decline to this level and formed a double bottom. RSI is trading in oversold territory and a breakout from this level should add to the rally back to resistance....
