NZD/USD Daily Technical Analysis | 29 January 2018
2018-01-29 09:43 am | Resource: Technical Analysis Section | No Views : 270
The pair is trading in a minor upside direction while trading in a bearish direction in secondary formation, and the SMA 20 is still neutral.
RSI 14 is trading in a bearish direction so we do not recommend opening trading positions on the pair until the price indicators agree with the movement of the pair.
It is expected that if the New Zealand currency crosses against the US currency, the levels of 0.7315 could target the 0.7243 level on the other side, if breaching 0.7374 the pair might target 0.7436.
Support: 0.7342 - 0.7261 - 0.7151
Resistance: 0.7416- 0.7454-77484
The dollar traded lower against the currencies as traders were also wary of looking for riskier assets awaiting developments on the trade front. The Fed cut its target overnight rate by a quarter percentage point on Wednesday, to a level of 1.75% to 2.0%, to offset slowing global growth and the risks partly associated with President Donald Trump's trade battles with China. This was the second Fed rate cut this…
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