With the lack of significant macroeconomic drivers allowing major currency pairs to go into a consolidation phase at the start of the week, the NZD/USD pair moves in a very tight range near the 0.6400 level.
Signal to confirm further bullish movement is the price’s rebounding from the rising channel’s downside border. However, the scenario that implies further rally may be canceled if the price breaks the Ichimoku cloud’s downside border and falls below 0.6315. In this case, the pair may continue falling towards 0.6205.
On the technical side, there is immediate resistance at 0.6418, a H4 double top formation since 12th and 13th of Nov. Above, we find resistance at 0.6465 (4th Nov. high), followed by the round number of 0.6500.
On the downside, the 50-SMA is situated slightly below the price on H4 and is providing support. Close by, there is weak support at 0.6360. This is followed by 0.6320/00 key support.
Take in mind, that in the early trading hours of the Asian session on Tuesday, the Producer Price Index (PPI) report will be looked upon for fresh impetus but is unlikely to trigger a sharp market reaction.
What is your positioning on that pair?
Signal to confirm further bullish movement is the price’s rebounding from the rising channel’s downside border. However, the scenario that implies further rally may be canceled if the price breaks the Ichimoku cloud’s downside border and falls below 0.6315. In this case, the pair may continue falling towards 0.6205.
On the technical side, there is immediate resistance at 0.6418, a H4 double top formation since 12th and 13th of Nov. Above, we find resistance at 0.6465 (4th Nov. high), followed by the round number of 0.6500.
On the downside, the 50-SMA is situated slightly below the price on H4 and is providing support. Close by, there is weak support at 0.6360. This is followed by 0.6320/00 key support.
Take in mind, that in the early trading hours of the Asian session on Tuesday, the Producer Price Index (PPI) report will be looked upon for fresh impetus but is unlikely to trigger a sharp market reaction.
What is your positioning on that pair?
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