Created
: 2024.09.03
2024.09.03 06:42
The NZD/USD pair is showing signs of a technical pullback, trading at 0.6235, down 0.25% for the day, with technical indicators suggesting a potential consolidation in the near term.
The Relative Strength Index (RSI) is currently at 63, indicating that the pair is trading close to the overbought area and is pointing down. The Moving Average Convergence Divergence (MACD) is printing lower green bars, also signaling that the bullish strength is weakening.
Looking at the daily chart, the NZD/USD pair is facing resistance at the 0.6270 level. A break above this level could open the door for further gains. On the downside, the pair is facing support at the 0.6200 level. A break below this level could shift the tide in favor of the bears. Overall, the technical outlook remains positive, but the bullish traction needs to take a breather after pushing the pair to multi-month highs last week which favors a brief period of consolidation before the next upwards leg.
Created
: 2024.09.03
Last updated
: 2024.09.03
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy