NZD-USD: Old-established support back in sight

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In mid-November, the New Zealand dollar’s daily chart on the US greenback left an important support zone on the supply side. However, the subsequent price losses were limited.

The medium-term uptrend did not have to intervene in the share price.

A short time later, the chart technical damage could be repaired. The currency pair managed to recapture the sliding zone at 0.6817 / 0.6834 USD. Later on there was a technical countermovement. As a result, the lower downtrend channel line was repeatedly reached. But again, the NZD-USD failed and had to retire again. At the moment the test of said support area is running again. To the north, the aforementioned channel line currently stands at $ 0.6933 and the falling simple 50-day average line currently stands at $ 0.06950.

With a closing price below the technical stronghold at 0.6817 / 0.6834 USD, the medium-term uptrend at the current 0.6760 USD could be in the focus of the technically oriented market participant.

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Christian Henke, senior market analyst IG

Mr. Henke has been working in the financial sector since 2001 and has been interested in technical analysis ever since graduating in business administration. After graduating as a Certified Financial Technician (CFTe), Mr. Henke worked as a stock analyst at a renowned bank in Düsseldorf. In addition to the classic chart analysis, the point & figure method, moving averages and trading systems are among his hobbyhorses. The above text reflects the opinion of the respective columnist. Finanzen.net GmbH assumes no responsibility for its accuracy and excludes any recourse claims.

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