Select Language

NZD/USD Price Analysis: Pair gets rejected again by the 20-day SMA, more downside on the horizon

Breaking news

NZD/USD Price Analysis: Pair gets rejected again by the 20-day SMA, more downside on the horizon

  • X
  • facebook
  • LINE
  • RSS

  • X
  • facebook
  • LINE
  • RSS
update 2024.11.09 07:08
NZD/USD Price Analysis: Pair gets rejected again by the 20-day SMA, more downside on the horizon

update 2024.11.09 07:08

  • The NZD/USD got rejected by the 20-day SMA by the fourth time this week.
  • Technical indicators point to increasing selling pressure and decreasing buying pressure.
  • A breakout from the 0.5940-0.6030 range will confirm a bearish outlook.

In Friday's session, the NZD/USD declined by 1.05% to 0.5960, continuing its downward trend as the pair got rejected by a third time this week by the 20-day Simple Moving Average (SMA).

The Relative Strength Index (RSI) is currently at 40 and in negative territory, indicating that selling pressure is rising. The RSI's slope is declining sharply, suggesting that selling pressure is increasing. The Moving Average Convergence Divergence (MACD) is also showing a mixed outlook, with the histogram being green but decreasing, indicating that buying pressure is declining.

The NZD/USD pair faced a third rejection from the 20-day Simple Moving Average (SMA), indicating strong selling pressure. This rejection has pushed the pair lower, suggesting that the downtrend is likely to continue. The multiple rejections of the 20-day SMA highlight the strength of the resistance level and the inability of buyers to break through it. As a result, traders can expect further downside momentum in the near term.

NZD/USD daily chart

 


Date

Created

 : 2024.11.09

Update

Last updated

 : 2024.11.09

Related articles


Show more

FXStreet

Financial media

arrow
FXStreet

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.

Was this article helpful?

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].

Thank you for your feedback.
Thank you for your feedback.

Most viewed

US Dollar retraces from two-year high after PMI data, geopolitical uncertainty prevails

In Friday's session, the US Dollar Index (DXY) declined slightly after reaching a new two-year high amidst geopolitical instability.
New
update2024.11.23 03:08

Mexican Peso slumps, shrugging off solid data

The Mexican Peso retreats for the third straight day versus the US Dollar, although economic data suggests the country's economy grew in the third quarter while inflation edged lower.
New
update2024.11.23 02:37

A (local) peak in Gold is now imminent - TDS

The downturn in Gold prices underscored by sharp liquidations from macro funds lined up exceptionally well with historical patterns surrounding drawdowns associated with macro fund liquidations from extreme levels, averaging between 7-10% over the last decade, TDS' Senior Commodity Strategist Daniel Ghali notes.
New
update2024.11.23 01:02

EUR/CAD Price Analysis: Pair extended losing streak, fell to lowest since February

The EUR/CAD extended its losing streak to four sessions, falling to a low since February on Friday.
New
update2024.11.23 00:51

GBP/USD Price Forecast: Declines on disappointing data, tumbles to 1.2500

The Pound Sterling extends its losses against the Greenback for the third straight day, is down 0.47% after UK Flash PMIs and Retail Sales data disappointed investors.
New
update2024.11.23 00:01

GBP/ZAR Price Forecast: Early-warning signs the short-term trend may reverse

GBP/ZAR has formed a temporary bottom after a steep sell-off.
New
update2024.11.22 23:50

USD/CHF Price Forecast: Resumes uptrend after pullback

USD/CHF is striking higher again after a brief pullback from overbought levels.
New
update2024.11.22 23:27

NZD/USD Price Analysis: More downside looks likely towards 0.5770

The NZD/USD pair rebounds slightly after posting a fresh yearly low near 0.5820 in the North American session on Friday.
New
update2024.11.22 23:24

USD/JPY edges lower after stronger-than-expected Japanese inflation, stimulus package

USD/JPY is trading a touch lower in the 154.30s on Friday as the Japanese Yen (JPY) strengthens against the US Dollar (USD) due to the release of higher-than-expected Japanese macroeconomic data, and Tokyo's announcement of a $250 billion economic stimulus package.
New
update2024.11.22 23:01

USD/CAD turns upside down on steady Canadian Retail Sales growth, US Dollar retraces

The USD/CAD pair surrenders its entire intraday gains and ticks down as the Canadian Retail Sales data grew steadily in September and the US Dollar (USD) gives up a majority of its intraday gains after refreshing a two-year high.
New
update2024.11.22 22:55

Disclaimer:arw

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.

  • Facebook
  • Twitter
  • LINE

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

I agree
share
Share
Cancel