- NZD/USD grinds higher following the pullback from weekly top.
- Firmer RSI, sustained trading beyond 200-HMA favor bulls.
- May’s top lures buyers during further upside, weekly low adds to the downside filters.
NZD/USD consolidates the heaviest daily gain in a week around 0.7195, down 0.11% intraday as European traders brace for Friday’s bell.
The kiwi pair poked the monthly high before easing from 0.7218 the previous day. In doing so, the quote portrays a cup-and-handle bullish chart pattern on the hourly play.
The buyer’s optimism could also be witnessed through the pair’s successful trading above 200-HMA amid a firmer RSI line.
However, a clear break of 0.7210, followed by the clearance to 0.7220, becomes necessary for the confirmation of an upside targeting May’s peak of 0.7317.
Meanwhile, pullback moves remain less worrisome until staying beyond the 200-HMA level of 0.7165. Also acting as immediate support is the area comprising multiple levels marked since October 22, around 0.7130.
To sum up, NZD/USD upside momentum is gradually catching heat but needs a trigger for fire.
becomes necessary for the pair
NZD/USD: Hourly chart
Trend: Further upside expected
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD losing bullish steam as concerns weigh
Wall Street trimmed its recent gains and approaches weekly lows, reflecting persistent market fears. AUD/USD turned south and risks additional slides as China is set to unveil growth-related figures.
EUR/USD corrective advance extends towards 0.9800
The EUR/USD pair advanced for a second consecutive day, now trading a handful of pips below the next big figure. With no real reasons to buy the EUR, the movement seems more related to profit-taking.
Gold consolidating weekly gains amid broad dollar’s weakness
XAUUSD trades around $1,660, pressuring the weekly high. The metal fell to an intraday low of $1,641.46 but resumed its advance as investors keep moving away from the safe-haven currency. The market´s mood is far from optimistic.
Bitcoin price ruptures $19,000 support oblivious to ballooning BTC/GBP’s trading volume
BTC appears to be playing games with investors in move that see price action repeatedly undermined. Earlier in the week, the flagship cryptocurrency jumped to $20,200 but immediately snapped out of the northbound move to test support at $18,500.
US August PCE Inflation Preview: Will it trigger a dollar correction? Premium
The US Bureau of Economic Analysis will release the Personal Consumption Expenditures (PCE) Price Index data, the US Federal Reserve’s preferred gauge of inflation, for August on Friday, September 30.