Ichimoku Kinko Hyo CNH/JPY: The CNH/JPY pair is trading above the Kumo…
NZD/CAD rises to the August resistance
Information is not investment advice
On the H1 chart of NZD/CAD, the price has been rising today and has almost reached the August resistance level of 0.8598. As it has been moving above the upper band of the Envelopes, we may assume that this upward movement may continue until the price actually reaches this resistance. As the RSI and the Stochastic are already in the overbought zone, it is very likely that this level will be a market reversal point. Hence, bears need to wait until the RSI crosses the 70% upside-down and the Stochastic’s fast line crosses the slow one the same manner to confirm the downward reversal moment. The support levels for this scenario may be located at 0.8515 and 0.8500. An additional resistance level may be placed at 0.8613.
Inflation in New Zealand is the highest since 1990, edging to 7.3% in Q2 2022. The currency is under heavy pressure as the Reserve Bank of New Zealand is trying to reverse the inflationary spiral. The week ahead will give us a valuable clue about the country’s monetary policy, and we are here to talk about that.
In the middle of September 2022, the Canadian dollar has fallen to a 2-year low against the USD.
The US dollar index has all chances of reaching the 2000s high of 120.00.