NZD/USD: Short-term consolidation - Commerzbank
|Axel Rudolph, senior analyst at Commerzbank, suggests that the NZD/USD pair is likely to stall for a short-term after its advance has taken it to the 55- and 200-week moving averages at .6930/87.
Key Quotes
“The reason is that the recent high at .6885 has been accompanied by negative divergence on the daily RSI. This points to at least short-term consolidation.”
“Further up the May and June highs are to be found at .7053/61 and the February and March lows at .7153/77. Support comes in along the 200 day moving average at .6859 and also along the three month uptrend channel support line at .6807. While the July low and August as well as September highs at .6727/.6687 underpin, we will retain our bullish view.”
“Further support can be seen between the 55 day moving average at .6629 and the October 22 high at .6636 as well as at the .6500/.6424 September and October lows.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.