NZD/USD Technical Analysis: Eyes key falling trendline hurdle after the falling wedge breakout
|- The NZD/USD's 15-minute chart shows a bullish divergence of the relative strength index (RSI) and a falling wedge breakout. The latter indicates a resumption of the rally from the Oct. 14 low of 0.6494.
- As a result, the spot looks set to test the trendline connecting the Apr. 13 high and Sept. 26 high. Interestingly, the 50-day exponential moving average (EMA) has met the trendline at 0.6604.
- The outlook as per the daily chart would turn bullish if the spot closes above the falling trendline.
15-minute Chart
Spot Rate: 0.6552
Daily High: 0.6556
Daily Low: 0.6534
Trend: Bullish
R1: 0.6604 (trendline + 50-day EMA)
R2: 0.6700 (Sept. 21 high)
R3: 0.6707 (100-day EMA)
Support
S1: 0.6536 (10-day EMA)
S2: 0.6500 (Sept. 11 low)
S3: 0.6424 (Oct. 8 low)
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.