OctaFX | OctaFX Forex Broker
Open trading account
Back

NZD/USD Technical Analysis: Head-and-shoulders breakdown confirmed

  • The American dollar found love in the overnight trade after the Fed signaled that rates could be hiked two times in 2019, dashing hopes of a pause in 2019.
  • The NZD/USD pair fell below 0.6784, confirming a head-and-shoulders breakdown on the 4-hour chart. The bearish reversal pattern indicates the rally from the Oct. 8 low of 0.6424 has ended and the bears have likely regained control. Notably, the pattern has opened the doors for a drop to 0.66 (target as per the measured move method).
  • Further evidence that bears are in a commanding position is the 14-day relative strength index (RSI) of 43.00 and the downward sloping 5- and 10-day simple moving averages (SMAs).
  • The bearish pressure would wane if the pair unexpectedly moves back above the 10-day SMA, currently at 0.6828.

4-Hour Chart

Trend: bearish

NZD/USD

Overview:
    Today Last Price: 0.6778
    Today Daily change: -17 pips
    Today Daily change %: -0.250%
    Today Daily Open: 0.6795
Trends:
    Previous Daily SMA20: 0.6849
    Previous Daily SMA50: 0.6729
    Previous Daily SMA100: 0.667
    Previous Daily SMA200: 0.6841
Levels:
    Previous Daily High: 0.6871
    Previous Daily Low: 0.6783
    Previous Weekly High: 0.6912
    Previous Weekly Low: 0.6778
    Previous Monthly High: 0.6887
    Previous Monthly Low: 0.6514
    Previous Daily Fibonacci 38.2%: 0.6817
    Previous Daily Fibonacci 61.8%: 0.6837
    Previous Daily Pivot Point S1: 0.6761
    Previous Daily Pivot Point S2: 0.6728
    Previous Daily Pivot Point S3: 0.6673
    Previous Daily Pivot Point R1: 0.6849
    Previous Daily Pivot Point R2: 0.6904
    Previous Daily Pivot Point R3: 0.6937

 

World Bank: China growth to hit 6.2% in 2019 - Reuters

As reported by Reuters, the World Bank is weighing in on US-China trade relations, noting that they expect China's economic growth to slow to 6.2% in
Read more Previous

HKMA warns of increasing downside risks to the economy

Hong Kong Monetary Authority (HKMA) is out with the latest comments after it raised the base interest rate by 25 points for the fourth time this year
Read more Next
Start livechat