The NZDUSD pair, currently trading at 0.59837, moved closer to 0.5984, reaching its highest point in the month of September.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

• NZD/USD advanced towards 0.5984, its highest level in September.

The pair currently trades last at 0.59837.

The previous day high was 0.5948 while the previous day low was 0.5904. The daily 38.2% Fib levels comes at 0.5931, expected to provide support. Similarly, the daily 61.8% fib level is at 0.5921, expected to provide support.

On Tuesday, the NZD/USD faced intense buying pressure, soaring to 0.5984, as the US Dollar is trading weak against most of its rivals ahead of the Federal Reserve (Fed) decision later in the session.

The Fed is widely expected to maintain its policy rate within the 5.25%-5.5% range, a decision largely priced into the markets. However, the focus will shift to the revised Summary of Economic Projections (dot plot) and Chair Jerome Powell’s comments, where investors will look for clues regarding forward guidance. With concerns over rising oil prices and robust US economic activity, there’s potential for a hawkish tone from the Fed, which could revive the US Dollar and halt the pair’s upward momentum.

On the data front, no relevant data will be released for either country during the session. For the rest of the week, investors will eye Trade balance data for New Zealand on Friday’s Asian session and S&P PMIs from September from the US during the American Session.

According to the daily chart, the technical outlook for the NZD/USD remains neutral to bullish as the bulls are recovering ground. With an upward trend above its midline, the Relative Strength Index (RSI) points towards a bullish sentiment, while the Moving Average Convergence (MACD) histogram exhibits rising green bars. To add to that, the pair is above the 20-day Simple Moving Average (SMA), but below the 100 and 200-day, indicating that there is still some light for the bulls and that the bears have still more ground to cover

Support levels: 0.5920 (20-day SMA), 0.5890, 0.5860.

Resistance levels: 0.6000,0.6030, 0.6050.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.5984 at the time of writing. Pair opened at 0.5936 and is trading with a change of 0.81 % .

The pair is trading above its 20 Daily moving average @ 0.5921, below its 50 Daily moving average @ 0.6043 , below its 100 Daily moving average @ 0.6106 and below its 200 Daily moving average @ 0.6195

The previous day high was 0.5948 while the previous day low was 0.5904. The daily 38.2% Fib levels comes at 0.5931, expected to provide support. Similarly, the daily 61.8% fib level is at 0.5921, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.5911, 0.5886, 0.5868
• Pivot resistance is noted at 0.5955, 0.5973, 0.5998

[/s2If]
Download Nehcap EAWe have two EAs that are operational on our LIVE accounts.

1. EA-FIX: Check out the details here. Download EA-FIX . EA-FIX is a non-grid HFT scalper.
2. EA-GROWTH: High quality low dd EA using trend grids. Download EA_GROWTHJoin Our Telegram Group

Share this:

• Facebook
• X

Like this:

Like Loading...