Back

NZD/USD Price Analysis: Bulls seek a break of key trendline resistance

  • NZD/USD bears are in the market, short-squeeze-eyed.
  • Bulls eye a break of the trendline resistance following test below Friday's lows.

The New Zealand Dollar is lower by some 0.75% towards the close in New York trade and is down for the second straight session, after hitting the strongest level in over five months touched last Thursday. The price is on the front side of the dominant bearish trend and is coming into a coil which will lead to a breakout, eventually:

NZD/USD daily chart

A correction is underway and a continuation will be eyed for in due course.

NZD/USD H4 charts

We had breakout traders in the market and a long squeeze is moving in on prior resistance.

NZD/USD is on the front side of the bearish trendline and may have induced sellers due to the break below the prior day's lows. This leaves the trendline vulnerable to a break thereof and the prior support from which the downtrend originated.

USD/CAD Price Analysis: Retreats below 1.3200 on mixed technical indicators

USD/CAD retreats below 1.3200 as the Canadian Dollar (CAD) gets underpinned by high Canadian bond yields, particularly the 10-year note at 3.385%, up
مزید پڑھیں Previous

Gold Price Forecast: XAU/USD trades neutral ahead of US Retail Sales

At the start of the week, the XAU/USD traded in the $1,945 - $1,960 range as the USD fought back and traded resilient at the 99.90 area. However, US T
مزید پڑھیں Next