NZD/USD - NZD/USD Covered Some Losses But Is Returning to Bearish Mode - 11/08/2017 (GMT)
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NZD/USD Chart
The New Zealand dollar fell 0.5% versus the U.S. dollar over yesterday’s trading period, following the bounce off the 0.6957 resistance level. On a monthly basis, the NZD/USD pair had a strong bearish run during October as it plummeted 5% and hit a five-month low at 0.6817. On the daily timeframe, over the prior week, the commodity currency pair posted a correction to the upside, covering some losses but now is returning to 0.6820 support barrier.
On the short-term timeframe, the technical structure suggests further losses as both indicators are holding in the negative territory. The Relative Strength Index (RSI) is sloping to the upside between the 30 and the 50 levels. However, the MACD oscillator is rising in the bearish path creating the thought for upside movement. Moreover, the three simple moving averages (50, 100 and 200) are moving lower.
On the short-term timeframe, the technical structure suggests further losses as both indicators are holding in the negative territory. The Relative Strength Index (RSI) is sloping to the upside between the 30 and the 50 levels. However, the MACD oscillator is rising in the bearish path creating the thought for upside movement. Moreover, the three simple moving averages (50, 100 and 200) are moving lower.
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