Categories
XM Technical Analysis – NZDUSD maintains uptrend but facing downside pressure
NZD/USD is facing downside pressure today.
XM - What's now?
XM has updated the maximum leverage to 1:1000 in June 2022.
Leverage 1:1000 does not apply to client registered under the EU regulated entity of the Group. The maximum leverage for Trading Point of Financial Instruments is 30:1.
This article is originally referred from XM Investment Research Desk.
NZD/USD is facing downside pressure today as it moves below the center of the upward trending regression channel that it’s been trading in since January. The negative momentum in the near term is supported by the RSI which has fallen to just below 50. However, the %K line of the stochastic oscillator has fallen more rapidly, entering oversold territory. This suggests that prices may soon consolidate or reverse upwards.
The nearest support is the 0.71 level followed by the 0.7070 area, which was today’s intra-day low. Below that, the 0.6990-0.70 area comes in focus, which was a previous support level and is also where the 50-day moving average is converging. A drop below the 50-day moving average would risk shifting the medium-term outlook from positive to neutral.
An upward reversal could see prices meeting resistance at the 0.72 level, while in order to maintain the current uptrend, the pair needs to challenge the one-year high of 0.7324 set on July 12.
Original Source: XM Investment Research Desk