#NZDUSD @ 0.58224 aims for stabilization above 0.5800 as the market sentiment improves.

…
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 aims for stabilization above 0.5800 as the market sentiment improves.

The pair currently trades last at 0.58224.

The previous day high was 0.5832 while the previous day low was 0.5772. The daily 38.2% Fib levels comes at 0.5809, expected to provide support. Similarly, the daily 61.8% fib level is at 0.5795, expected to provide support.

The NZD/USD pair discovered buying interest near an 11-month low at 0.5770 and climbed above the round-level resistance of 0.5800. The Kiwi asset gains strength as the market sentiment improves on expectations that the Federal Reserve (Fed) is done with hiking interest rates.

S&P500 futures generated significant gains in the European session, portraying a risk-on market mood. The US Dollar Index (DXY) corrects gradually from 106.90 ahead of the core Personal Consumption Expenditure (PCE) inflation data for September. The 10-year US Treasury yields rebound to 4.87%.

Going forward, the New Zealand Dollar will dance to the tunes of Q3 labor market data, which will be published next week. The employment data would set the undertone for the last monetary policy meeting by the Reserve Bank of New Zealand (RBNZ). The RBNZ may keep the Official Cash Rate (OCR) unchanged at 5.50%.

NZD/USD delivers a V-shape recovery after observing a selling climax near October 26 low at 0.5772. The Kiwi asset climbed above the horizontal resistance plotted from October 23 low around 0.5800, which has turned into support for the Kiwi bulls. The major aims for stabilization above the 50-period Exponential Moving Average (EMA), which trades around 0.5820.

The Relative Strength Index (RSI) (14) shifts into the 40.00-60.00 range from the bearish range of 20.00-40.000, which indicates that the bearish bias is fading away.

A decisive break above October 24 high at 0.5874 would drive the asset toward October 18 high at 0.5921 and September 25 high at 0.5975.

On the flip side, a downside move below 11-month low at 0.5740 would expose the asset to the round-level support at 0.5700. A breakdown below the latter would drag the asset toward a new annual low around 0.5670.

Technical Levels: Supports and Resistances

NZDUSD currently trading at 0.5828 at the time of writing. Pair opened at 0.5821 and is trading with a change of 0.12 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 0.5914, 50 SMA 0.5922, 100 SMA @ 0.6038 and 200 SMA @ 0.6138.

The previous day high was 0.5832 while the previous day low was 0.5772. The daily 38.2% Fib levels comes at 0.5809, expected to provide support. Similarly, the daily 61.8% fib level is at 0.5795, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 0.5785, 0.5748, 0.5725
• Pivot resistance is noted at 0.5845, 0.5868, 0.5905

[/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...