Our previous NZDUSD pair rocketed higher in previous week as the Kiwi rose 2 per cent on Thursday. The NZDUSD pair was seen to be trading at 0.20per cent higher on Monday and is now testing the 100-day moving average near 0.6660. seems to be correct and the
If the Kiwi jumps above the 100-day moving average, the current bullish momentum could be confirmed, targeting the strong resistance of 0.6720, where pervious highs and lows converged.
On the downside, the pair must defend the first major support of 0.66 if bulls want to consider maintaining the current bullish breakout. Another buying zone could be at the broken trend-line, which is near 0.6560.
The Dollar index failed to push to new cycle highs and slid from the 97.00 level, which could boost the Kiwi over the next few days. Moreover, the NZD is heavily oversold and if investors start to exit their short positions, the Kiwi could push further higher.
Analysis and opinions provided herein are intended solely for informational and educational purposes and don't represent a recommendation or an investment advice by TeleTrade. Indiscriminate reliance on illustrative or informational materials may lead to losses.
Risk Warning: Trading Forex and CFDs on margin carries a high level of risk and may not be suitable for all investors. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75.42% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Prior to trading, you should take into consideration your level of experience and financial situation. TeleTrade strives to provide you with all the necessary information and protective measures, but, if the risks seem still unclear to you, please seek independent advice.
© 2011-2021 Teletrade-DJ International Consulting Ltd
Teletrade-DJ International Consulting Ltd is registered as a Cyprus Investment Firm (CIF) under registration number HE272810 and is licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 158/11.
The company operates in accordance with the Markets in Financial Instruments Directive (MiFID).
The content on this website is for information purposes only. All the services and information provided have been obtained from sources deemed to be reliable. Teletrade-DJ International Consulting Ltd ("TeleTrade") and/or any third-party information providers provide the services and information without warranty of any kind. By using this information and services you agree that under no circumstances shall TeleTrade have any liability to any person or entity for any loss or damage in whole or part caused by reliance on such information and services.
TeleTrade cooperates exclusively with regulated financial institutions for the safekeeping of clients' funds. Please see the entire list of banks and payment service providers entrusted with the handling of clients' funds.
Teletrade-DJ International Consulting Ltd currently provides its services on a cross-border basis, within EEA states (except Belgium) under the MiFID passporting regime, and in selected 3rd countries. TeleTrade does not provide its services to residents or nationals of the USA.