NZDUSD Price Evaluation: Displays a reduction in height. Before the RBNZ interest rate Policy and Stance Statements Upcoming.
NZDUSD Key Factors in View
In anticipation of the RBNZ monetary decisions, NZDUSD has fallen beneath the 0.6200 support level.
The S&P500 futures have given up all of their gains from Asia, indicating a decrease in risk taking.
NZDUSD has risen to be close to the Rising Triangle graph upward formation-facing trend line.
The important resistance level of 0.6220 was not overcome by the NZDUSD duo during the London period. And it has since seen a sharp decline. In anticipation of the (RBNZ) announcement on rates of interest. Traders have been careful, causing the NZD to fall dramatically under the support of 0.6200 mark.
The S&P500 futures gave up all of their advances from Asia, indicating a decrease in market players’ willingness to take risks. At 101.68, the US (DXY) has discovered a temporary floor.
The US (CPI) figures for Wednesday, that will be released at 12:30 GMT, will determine the pace for the USD Index. As petrol costs have decreased, inflationary trends are predicted to slow down.
NZDUSD Technical Perspective & Analysis
NZDUSD is now back to be close to the Rising Triangle graph s inclined upward trend line. that is marked from the pattern’s lowest value in July 2006 at 0.6132. The formation’s lateral barrier is shown with the pattern’s peak point in July 2006 around 0.6220. Its 100-period (EMA) is being fought hard by the Kiwi currency at 0.6188.
The (RSI) (14) is now searching for support close to 40.00. A breach beneath the same level might start a downward trend.
If the NZD moves lower than its July 10 bottom of 0.6160, it becomes exposed to its June 29 bottom of 0.6116. A drop beneath this level would cause the currency pair to reach its lowest level in June 2005 at 0.6041.
Should the month’s 22 top at 0.6220 is convincingly cracked, the currency is likely fall towards the peaks of May 17 & June 14 around 0.6236 & 0.6274, accordingly.
