NZDUSD

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NZD/USD collapsed after the Reserve Bank of New Zealand shifted from a tightening bias to a neutral bias and even held out the possibility that the next move in rates would be a cut. The pair found an initial support near the 0.7320 zone, but broke that line and declined even more during the European morningThursday. Given the negative sentiment towards kiwi, I would expect the pair to fall further at least until our 0.7220 (S1) support line. Our momentum studies support the notion. The RSI fell sharply below its 30 line and is pointing down, while the MACD, already negative, crossed below its trigger line. On the daily chart, the recent break below the black channel the pair has been trading in since December switched the bias to the downside, confirming the trend mode of this pair.


• Support: 0.7220 (S1), 0.7180 (S2), 0.7120 (S3).
• Resistance: 0.7320 (R1), 0.7400 (R2), 0.7490 (R3).
















Source : Ironfx

https://www.ironfx.com/en/register?utm_source=634164&utm_medium=ib_link&utm_campaign=IB

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