Market news
22.11.2022, 20:22

NZD/USD Price Analysis: Ascending-triangle targets 0.6300

  • The NZD/USD is pairing Monday’s losses, up by 0.84%.
  • From a daily chart perspective, the NZD/USD is neutral-upward biased, though it needs to clear 0.6200.
  • An ascending channel in the NZD/USD 4-hour chart will exacerbate a rally towards 0.6300.

The New Zealand Dollar (NZD) trims Monday’s losses and rises back above the 0.6100 figure due to overall US Dollar (USD) weakness, as market sentiment improved, though it remains fragile. Therefore, the NZD/USD is trading at 0.6148, above its opening price by 0.80%, after hitting a daily low of 0.6094.

NZD/USD Price Analysis: Technical outlook

From a daily chart perspective, the NZD/USD is neutral-to-upward biased, consolidated for the last six days, within the 0.6100 – 0.6200 range. Of note, the NZD/USD exited from a descending channel six days ago, a solid breakout, meaning that the major might rally toward higher prices. Nevertheless, although in bullish territory, the Relative Strength Index (RSI) aims downwards, meaning buyers are losing momentum or getting a respite ahead of challenging the 200-day Exponential Moving Average (EMA) at  0.6303.

Short term, the NZD/USD 4-hour chart suggests an ascending channel is forming, which, once broken to the upside, would expose key resistance levels. Nevertheless, the NZD/USD is struggling to clear the R1 daily pivot at 0.6150, which, once cleared, could open the door toward 0.6200, followed by the August 24 swing high at 0.6251, ahead of the 0.6300 psychological level.

NZD/USD Key Technical Levels

 

© 2000-2024. All rights reserved.

This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.

Bank
transfers
Feedback
Live Chat E-mail
Up
Choose your language / location