NZDUSD back to lows

NZDUSD back to multi-month lows

NZDUSD is looking weak but there’s a possibility for a resumption of the bullish trend if price does this.

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Hello and welcome to this technical analysis video here at xm.com.

I’m Melina Deltas, investment analyst and today we’re going to look at New Zealand dollar versus the US dollar in a daily time frame.

Having a look at the chart now we can see that the price is still moving lower after the failed attempt to surpass the 0.6395 resistance in the previous days and is moving towards the 25-month low of 0.6195.

Even lower the 0.6170 from april of 2020 it could come in focus ahead of the 0.5920 support.

On the other hand now if there is a move higher and the move above this restrictive region here of the short-term smas and the downtrend line as well as the 63-95 barrier their price yield could move towards the 0.65-70 resistance ahead of the 0.6725 and the 200 day sma around 0.6740.

Any move above this line it could endorse a bullish correction mode in the medium term looking also at the technical indicator down here the magnitude oscillator is moving below its trigger line and zero lines so it’s endorsing the bearish outlook.

so that’s all from me thank you for watching and have a great day

NZDUSD back to lows
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