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NZD/USD Could Head Lower

By JFD TeamForexJan 25, 2022 08:02AM ET
www.investing.com/analysis/nzdusd-could-head-lower-200615873
NZD/USD Could Head Lower
By JFD Team   |  Jan 25, 2022 08:02AM ET
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NZD/USD traded lower today after it hit resistance at 0.6708. Overall, the rate is trading below the 0.6735 barrier, which is the lower bound of the sideways range that contained most of the price action between Nov. 25 and Jan. 21, and thus, we would consider the short-term outlook to be bearish.

At the time of writing, the rate is trading near yesterday’s low of 0.6660, the break of which would confirm a forthcoming lower low and perhaps pave the way towards the low of Nov. 4, at 0.6615. If the bears are unwilling to stop there, we could see them pushing towards the low of Oct. 20, at around 0.6555.

Looking at our short-term oscillators, we see that the RSI turned down and looks ready to fall below 30 soon, while the MACD runs below both its zero and trigger lines. Both indicators detect strong downside speed and support the notion for further declines in this exchange rate.

We would like to see a rebound back above the 0.6735 zone to abandon the bearish case. This could signal the return within the pre-discussed range and turn the outlook to neutral. Initially, we could see a test at 0.6755, marked by the inside swing low of Jan. 18, the break of which could allow advances towards the high of Jan. 20, at 0.6805.

If the bulls are unwilling to stop there, we could see them climbing towards the 0.6837 barrier, marked by the high of Jan. 5, or towards the upper end of the sideways range, at around 0.6855.

NZD/USD 4-hour chart technical analysis.
NZD/USD 4-hour chart technical analysis.

NZD/USD Could Head Lower
 

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NZD/USD Could Head Lower

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