Yesterday’s decline in risk assets failed to send the Kiwi below the strong support of 0.71, which resulted in a strong bounce today.

At the time of writing, the NZDUSD pair was up 0.7%, trading at around 0.72 during the US session.

In addition, the short-term uptrend line at 0.7120 provided support too and helped to stop selling. 

The key resistance in the 0.7260 zone could be in play again if the current short-term bullish momentum persists over the next few days. 

From the medium-term perspective, bulls will most likely want to reach the current cycle highs of 0.7450.

Alternatively, if sentiment worsens again, the 0.7120/0.71 area should offer enough support. If not, the next level to watch should be near 0.7040

Source: https://www.axiory.com/technical-analysis/nzdusd-defends-pivotal-support

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Peter Bukov

Peter comes from a background in corporate finance which began in 2013 when he completed the Corporate Finance Program at the University of Economics in Bratislava. He’s been actively involved in the market sector since 2008 and got his hands-on experience in trading in 2011. His experience in finance and trading continues not only as a market analyst at Axiory Intelligence but also through his studies to obtain a degree in Capital Markets. The study is in line with MIFID II regulations and is under the supervision of the European Regulator ESMA, which strongly emphasizes ethics and morale in investing and working with a client.

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