No Result
View All Result
Markets
EUR/USD GBP/USD USD/JPY AUD/USD NZD/USD XAU/USD
Central Banks
FED ECB BoE BoC BoJ SNB RBA RBNZ
Brokers
Wire Transfer Visa/Mastercard Paypal Fasapay Skrill Bitcoin
FCA Cysec CFTC NFA FSA
Forex Guide
Beginners Basics Technicals Fundamentals
Education
Forex Articles Forex School Forex Terms
Forex Strategies
5 Minutes 15 Minutes 30 Minutes 1 Hours 4 Hours Daily
Resources
Indicators Forex Ebooks MT4 MT5
Trading Tools
Live Charts Economic Calendar Fibonacci Calc Pivot Points
Mira FX
  • Markets
  • Education
  • Central Banks
  • Resources
    • Ebooks
    • Indicators
      • MT4 Indicators
      • MT5 Indicators
  • Brokers
    • Deposit Bonuses
    • No-Deposit
    • Demo Contest
    • Live Contest
    • Brokers News
  • Tools
  • Login
  • Deposit Bonuses
  • No-Deposit Bonuses
  • Demo Contest
  • Live Contest
  • Brokers News
  • Brokers
Mira FX
  • Markets
  • Education
  • Central Banks
  • Resources
    • Ebooks
    • Indicators
      • MT4 Indicators
      • MT5 Indicators
  • Brokers
    • Deposit Bonuses
    • No-Deposit
    • Demo Contest
    • Live Contest
    • Brokers News
  • Tools
Mira FX
  • Markets
  • Education
  • Central Banks
  • Resources
  • Brokers
  • Tools
  Latest
Differences between the Foreign Exchange Market and Stock Market May 23, 2022
Next
Prev

NZD/USD still bullish, edges toward tentative uptrend line

News Feed by News Feed
June 2, 2021
in Analysis
Reading Time: 2 mins read

NZD/USD has found a toehold on the mid-Bollinger band, a tad beneath the 0.7239 level, which happens to be the 23.6% Fibonacci retracement of the up leg from 0.6510 until 0.7464. The minor pickup in the slope of the 50-day simple moving average (SMA) and a possible bullish crossover of the flattening 100-day SMA, slightly overhead at 0.7179, could aid short-term improvements in the price. The 200-day SMA continues to act as a shield for the broader bullish picture.

The short-term oscillators are reflecting the latest failed attempts in the price to close above the 0.7300 mark. Negative pressures have yet to take a decisive lead, despite the recent lack of sturdy positive momentum. The MACD, not too far above zero, is holding north of its red trigger line, while the RSI is sliding towards its neutral threshold. The negatively charged stochastic oscillator is also promoting negative price action.

If negative pressures persist, sellers may face an immediate cluster of support barriers from the mid-Bollinger band until the lower Bollinger band at 0.7142, including the uptrend line – pulled from the 0.6942 low – and the respective nearby SMAs. Slightly lower, the 38.2% Fibo of 0.7098 could come into play. Should the 38.2% Fibo fail to negate a deeper plunge in the pair, sellers could then target the 200-day SMA at 0.7020 and the adjacent support base of 0.6942-0.7000.

Alternatively, improving above the 23.6% Fibo of 0.7239, the price may meet early resistance from the upper Bollinger band at 0.7313. Overcoming this could then propel the price towards the resistance belt of 0.7437-0.7464. Overstepping the latter, which happens to be the multi-year peak of 0.7464, the bulls may then challenge the resistance border of 0.7524-0.7577, moulded by three rally peaks from September 2017, January and February 2018.

Concluding, NZDUSD still possesses a neutral-to-bullish demeanour above the diagonal support and the SMAs. Furthermore, currently the bears lack the force necessary to accelerate negative tendencies.


Source

Tags: NZD/USDXM
ShareTweetShareSendShareSend

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Advertisement

Latest

Forex Trading Articles

Differences between the Foreign Exchange Market and Stock Market

DAVID G - May 23 | BASIC

Why Leverage is Important for Forex Traders?

Joana N - May 23 | Basic

How To Install Metatrader 5 Custom Indicators

MIRA TEAM - May 9 | Basic

Gross Domestic Product, First Quarter 2022

APR 28, 2022 | USD

The pound reacts to rising inflation like EM currency

Apr 13, 2022 | GBP/USD

NZD falls despite RBNZ rate hike

Apr 13, 2022 | NZD, RBNZ
Advertisement
  • About
  • Advertising
  • Disclaimer
  • Contact
  • Privacy Policy
  • Terms & Conditions
Risk Warning: All information on this website, including any opinions, articles, charts, prices, news, data, Buy/Sell signals, reviews, research and analysis is provided as general market commentary and does not constitute any investment advice. Mira FX is not liable for any damage or loss, including but not limited to, any loss of investment, which may be based either directly orindirectly on the use of or reliance on such information. Before deciding whether or not to take part in foreign exchange or financial markets or any other type of financial instrument, please carefully consider your investment objectives, level of experience and risk appetite. Do not invest more money than you can afford to lose. Note that the high level of leverage in forex trading may work against you as well as for you. Please seek advice of an independent financial advisor if you are not fully aware about the risks associated with foreign exchange trading. Forex trading on margin involves considerable exposure to high risk, and may not be suitable for all investors. Mira FX does not endorse any companies, products or services which are represented on Mira-FX.com The information on this website is subject to change without notice.
No Result
View All Result
  • About
  • Advertising
  • Central Banks
  • Contact
  • Disclaimer
  • Forex Brokers
    • Regulator
  • Index
    • Daily Forex Strategy
    • Forex Ebooks | Language: English
    • H1 Forex Strategy
    • H4 Forex Strategy
    • M15 Forex Strategy
    • M30 Forex Strategy
    • M5 Forex Strategy
  • Markets
    • EUR/JPY
  • Mira FX
  • Privacy Policy
  • Terms & Conditions
  • Tools
    • Economic Calendar
    • Fibonacci Retracement Calculator
    • Live Charts
    • Pivot Point Calculator

© 2022 Mira FX | Copying of materials is allowed only with the presence of an active link to a source page.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In