- NZD/USD has fallen sharply and trades 0.81% lower on Thursday.
- The price met some resistance a the 127.2% Fib extensions.
NZD/USD 4-hour chart
NZD has struggled today as the currency is often correlated with the risk environment. The NZD/USD had been living on borrowed time after the last dovish RNBZ changes not really having a material effect on the NZD at the time. It seems now there has been an additional excuse for a correction.
Looking at the chart, the price found some resistance at the 127.2% Fibonacci extension. This is also very close to the blue resistance zone from a previous wave back in December 2019. On the downside, the move stopped at a support level which had been tested four times recently. This was at the psychological 0.67 figure but if it does break the red internal trendline is lying in wait.
The indicators are pretty mixed at the moment. The MACD histogram is in the red but the signal lines are still above the mid-level. The Relative Strength Index is close to the oversold zone but a move back above 50 could indicate the uptrend is back on.
Overall, this is still an uptrend but watch out for a lower high lower low pattern. If the risk environment doesn't improve there could be some more pain to come but tomorrow the market gets the latest NFP figure and this is sure to inspire some volatility.
|Today last price||0.6708|
|Today Daily Change||-0.0064|
|Today Daily Change %||-0.95|
|Today daily open||0.6772|
|Previous Daily High||0.679|
|Previous Daily Low||0.6741|
|Previous Weekly High||0.6744|
|Previous Weekly Low||0.6514|
|Previous Monthly High||0.6764|
|Previous Monthly Low||0.6488|
|Daily Fibonacci 38.2%||0.6771|
|Daily Fibonacci 61.8%||0.676|
|Daily Pivot Point S1||0.6745|
|Daily Pivot Point S2||0.6719|
|Daily Pivot Point S3||0.6696|
|Daily Pivot Point R1||0.6794|
|Daily Pivot Point R2||0.6817|
|Daily Pivot Point R3||0.6843|
All information and content on this website, from this website or from FX daily ltd. should be viewed as educational only. Although the author, FX daily ltd. and its contributors believe the information and contents to be accurate, we neither guarantee their accuracy nor assume any liability for errors. The concepts and methods introduced should be used to stimulate intelligent trading decisions. Any mention of profits should be considered hypothetical and may not reflect slippage, liquidity and fees in live trading. Unless otherwise stated, all illustrations are made with the benefit of hindsight. There is risk of loss as well as profit in trading. It should not be presumed that the methods presented on this website or from material obtained from this website in any manner will be profitable or that they will not result in losses. Past performance is not a guarantee of future results. It is the responsibility of each trader to determine their own financial suitability. FX daily ltd. cannot be held responsible for any direct or indirect loss incurred by applying any of the information obtained here. Futures, forex, equities and options trading contains substantial risk, is not for every trader, and only risk capital should be used. Any form of trading, including forex, options, hedging and spreads, contains risk. Past performance is not indicative of future FX daily ltd. are not Registered Financial Investment Advisors, securities brokers-dealers or brokers of the U.S. Securities and Exchange Commission or with any state securities regulatory authority OR UK FCA. We recommend consulting with a registered investment advisor, broker-dealer, and/or financial advisor. If you choose to invest, with or without seeking advice, then any consequences resulting from your investments are your sole responsibility FX daily ltd. does not assume responsibility for any profits or losses in any stocks, options, futures or trading strategy mentioned on the website, newsletter, online trading room or trading classes. All information should be taken as educational purposes only.