Friday 13 April 2018

NZD/USD Bears reversed the bullish trend


This week the NZD/USD pair regained levels that has not been visited since mid February. But today the kiwi reversed sharply when bulls were about to conquer the 0.7400 handle. The current market price is 0.7353, which is the mid March’s high. 
Technically speaking the short term outlook remains neutral to bearish. On the four hour time frame the price is developing below its flat 20-day SMA and bullish 100-day and 200-day SMAs. RSI is located around its mid-line and has lost directional strength. Stochastic is showing strong bearish momentum and is nearing extreme oversold territory.
The bears succeeded to reverse the bullish trend. Now the downside is supported by 0.7344 (the daily low) which is broken will lead the pair towards the swing high at 0.7323. Looking to the upside resistance is standing at 0.7400 handle followed by 0.7440.




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