- NZD/USD remains under pressure in the initial Asian trading hours.
- More downside envisioned if price decisively breaks below 0.7230.
- Momentum oscillator remains neutral.
The NZD/USD pair extends the previous day losses on Thursday. The pair moves in a very close trading band.
At the time of writing, NZD/USD trades at 0.7237, up 0.01% for the day.
NZD/USD 4-hour chart
-637582710658364891.png)
On the 4-hour chart, the NZD/USD pair has been consolidating near the 0.7240 level. The descending trendline from the highs of 0.7317 acts as a defensive for the bulls. The NZD/USD pair faces multiple rejections while approaching the downward sloping line.
If NZD/USD breaks below the 0.7230 level, then it could find the first support near the May 28 low in the vicinity of 0.7200.
The Relative Strength Index (RSI) indicator trades below 40. If it remained lower, then more selling opportunities would occur. The bears would approach the 0.7180 support level followed by the May 21 low at 0.7153.
Alternatively, if price makes a sustained move above 0.7240, then it could first locate the upside target at the 0.7265 horizontal resistance level.
Market participants would be encouraged to take over the 0.7300 horizontal resistance level followed by the May 26 high in the vicinity of the 0.7320 region.
NZD/USD Additional Levels
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended content
Editors’ Picks
EUR/USD eases below 1.1000 ahead of German inflation data
EUR/USD is trading below 1.1000, losing its upside traction in the European session on Wednesday. The pair is holding steady, as the US Dollar finds its feet despite a sell-off in the US Treasury bond yields. Traders stay cautious ahead of the German inflation and US GDP data.
GBP/USD retreats below 1.2700 as US Dollar decline stalls
GBP/USD is falling back below 1.2700, extending its retreat from multi-month highs in European trading on Monday. The pair fails to find any inspiration from BoE Governor Bailey's hawkish comments, as the US Dollar looks to stabilize ahead of top-tier economic data and Fedspeak.
Gold price eases from multi-month peak, dovish Fed expectations favour bulls ahead of US GDP
Gold price (XAU/USD) advanced to a near seven-month peak, around the $2,052 area on Wednesday, albeit trims a part of its intraday gains heading into the European session.
Bitcoin price could touch $41,000 in December, analyst predicts bullish breakout
Bitcoin worth $1 billion has been withdrawn from exchanges in the last two weeks. The SEC asked for public feedback on Franklin Templeton’s Spot Bitcoin ETF, fueling anticipation of approval.
Germany CPI Preview: Inflation set to ease further, not necessarily negative for the Euro Premium
The Federal Statistical Office of Germany (Destatis) will release inflation data on Wednesday at 13:00 GMT. The annual German Consumer Price Index (CPI) is expected to rise 3.5% in November, down from the 3.8% increase reported in October.