Created
: 2024.10.30
2024.10.30 16:29
The NZD/USD pair remains tepid for the fourth consecutive session, trading around 0.5970 during Wednesday's European session. Analysis of the daily chart shows a downward movement within a descending channel, indicating a bearish bias.
Adding to this outlook, the nine-day Exponential Moving Average (EMA) remains below the 14-day EMA, further supporting the bearish sentiment for the NZD/USD pair. Short-term momentum appears weak, suggesting continued downward pressure.
The 14-day Relative Strength Index (RSI), a key momentum indicator, currently hovers just above the 30 mark. A drop below this level would signal an oversold condition, potentially pointing to an upcoming upward correction for the NZD/USD pair.
On the downside, the NZD/USD pair could target the lower boundary of the descending channel around the 0.5930 level. A decisive break below this support might lead the pair toward the "pullback support" near 0.5850.
For resistance, the initial obstacle is the upper boundary of the descending channel, close to the nine-day Exponential Moving Average around 0.6006, followed by the 14-day EMA at 0.6033. A sustained move above these EMAs could shift the NZD/USD pair to a short-term bullish stance, potentially aiming for the psychological level of 0.6100.
The table below shows the percentage change of New Zealand Dollar (NZD) against listed major currencies today. New Zealand Dollar was the weakest against the Swiss Franc.
USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
---|---|---|---|---|---|---|---|---|
USD | -0.00% | 0.07% | -0.02% | 0.02% | 0.06% | 0.00% | -0.08% | |
EUR | 0.00% | 0.08% | 0.00% | 0.03% | 0.06% | 0.01% | -0.07% | |
GBP | -0.07% | -0.08% | -0.08% | -0.06% | -0.02% | -0.07% | -0.13% | |
JPY | 0.02% | 0.00% | 0.08% | 0.03% | 0.07% | 0.00% | -0.06% | |
CAD | -0.02% | -0.03% | 0.06% | -0.03% | 0.03% | -0.01% | -0.08% | |
AUD | -0.06% | -0.06% | 0.02% | -0.07% | -0.03% | -0.04% | -0.13% | |
NZD | -0.01% | -0.01% | 0.07% | -0.01% | 0.01% | 0.04% | -0.07% | |
CHF | 0.08% | 0.07% | 0.13% | 0.06% | 0.08% | 0.13% | 0.07% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the New Zealand Dollar from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent NZD (base)/USD (quote).
Created
: 2024.10.30
Last updated
: 2024.10.30
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