NZD/USD Daily Technical Analysis | 6 February 2018
2018-02-06 07:52 am | Resource: Technical Analysis Section | No Views : 299
The pair failed to retest the broken trend line and the 20 SMA is neutral.
The RSI 14, unchanged from yesterday's report, is still trading in a major bullish direction while the index is attempting to breach the minor descending trend line.
It is expected that if the New Zealand currency crosses against the US currency, 0.7256 might target 0.7220, but if breaching 0.7302, the pair might target 0.7353.
Support: 0.7261- 0.7220 - 0.7151
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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