NZD/USD Daily Technical Analysis | 30 January 2018
2018-01-30 06:48 am | Resource: Technical Analysis Section | No Views : 264
Overall, the pair is still trading in a major bullish direction and the SMA 20 is intertwined with the price movement and therefore the signal is neutral.
Relative Strength Index 14 breached the bearish trend line but without confirmation as well and the indicator shows weakness bulls currently.
It is expected that if the New Zealand currency crosses against the US currency, the 0.7342 level might target the 0.7401 level on the other side, if breaching 0.7374, the pair might target 0.7436.
Support: 0.7261- 0.7151 - 0.7120
Resistance: 0.7342 - 0.7401 - 0.7454
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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