Forex Review Online
No Result
View All Result
  • Home
  • Crypto
  • Education
  • News
start trading today
  • Home
  • Crypto
  • Education
  • News
No Result
View All Result
Forex Review Online
No Result
View All Result
Home ANALYSIS

NZD/USD downside runs further, still more room to roam from a technical perspective

A.R Chowdhury by A.R Chowdhury
August 19, 2021
Reading Time: 2 mins read
0

NZD/USD sinks to fresh lows of 0.6835 in European trading

NZD/USD D1 19-08

The broad dollar strength and souring risk tones are continuing to pressure NZD/USD on the day, with the pair now slipping to fresh lows for the year at 0.6835.

The break below the 0.6900 and key support at 0.6880 is setting off a further downside leg in the pair and from a technical perspective, there is still room to roam.

The 0.6800 level comes in as a natural psychological support but it may not offer much opposition to sellers, with not much on the technical board before getting to the 61.8 retracement level near 0.6700.

The weekly chart highlights the 200-week moving average at 0.6758 so perhaps that may be an area of interest for buyers to defend but below that, the 100-week moving average comes in at 0.6700 – which coincides with the key support outlined above.

NZ PM Ardern made some promising remarks earlier, as it seems like they have uncovered the source of the latest COVID-19 outbreak and are working to trace all exposures in the coming days/weeks; forecast suggests roughly 50 cases.

That’s a positive step in dealing with the virus situation and will be one welcome by the RBNZ before their next meeting in October, as policymakers are hoping that they would be able to get back on track towards hiking rates after putting that off yesterday.

That said, it is tough to fight the technical picture and one especially with the dollar riding high across multiple fronts at the moment. Perhaps the kiwi is better suited to find a footing against other major currencies but against the greenback, the momentum is largely favouring the latter and likely will stay that way until we get to Jackson Hole next week.
Invest in yourself. See our forex education hub.

Source link

RELATED POSTS

EURGBP erases gains and returns to a familiar bias defining level

New highs for US stocks. The Nasdaq continues to lead

USDJPY has 3 key technical levels that have stalled the rally higher today

ShareTweetPin
A.R Chowdhury

A.R Chowdhury

Related Posts

EURGBP erases gains and returns to a familiar bias defining level
ANALYSIS

EURGBP erases gains and returns to a familiar bias defining level

August 14, 2022
New highs for US stocks. The Nasdaq continues to lead
ANALYSIS

New highs for US stocks. The Nasdaq continues to lead

August 14, 2022
USDJPY has 3 key technical levels that have stalled the rally higher today
ANALYSIS

USDJPY has 3 key technical levels that have stalled the rally higher today

August 14, 2022
WTI crude oil futures settle at $92.09
ANALYSIS

WTI crude oil futures settle at $92.09

August 14, 2022
Bitcoin technical analysis, bulls might be giving up soon
ANALYSIS

Bitcoin technical analysis, bulls might be giving up soon

August 14, 2022
The weekend forex technical report for the week of August 15, 2022
ANALYSIS

The weekend forex technical report for the week of August 15, 2022

August 14, 2022
Next Post

Oil slides further by over 3% on the day amid stronger dollar, souring risk tones

AUD/JPY plunges further to fresh lows for the year as risk aversion deepens

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

NZDUSD runs from swing high area to swing low area

August 7, 2020

GBPUSD hangs near highs but momentum is lacking

August 6, 2020

Cable closes in on test of 1.2300 handle on firmer dollar

April 3, 2020

Popular Stories

  • The USD is the strongest and the NZD is the weakest as the NA session begins

    0 shares
    Share 0 Tweet 0
  • New highs for US stocks. The Nasdaq continues to lead

    0 shares
    Share 0 Tweet 0
  • EURGBP erases gains and returns to a familiar bias defining level

    0 shares
    Share 0 Tweet 0
  • What is forex and How does it work?

    0 shares
    Share 0 Tweet 0
  • What is CFD trading?

    0 shares
    Share 0 Tweet 0
Forex Review Online

© 2022 My Forex Review - Designed with Jnews Theme.

Navigate Site

  • Home
  • Crypto
  • Education
  • News

Follow Us

No Result
View All Result
  • Home
  • Crypto
  • Education
  • News

© 2022 My Forex Review - Designed with Jnews Theme.