NZD/USD will soon meet an obstacle

NZD/USD will soon meet an obstacle

Information is not investment advice

NZD/USD closed last week below the declining 50-week MA (0.6765). The monthly chart also shows that the pair meets substantial selling interest when it tries to recover above 0.6900.

On D1, we witness a temporary recovery from the 50-day MA (0.6730). NZD/USD formed a “harami” pattern and will likely test the previous support and now resistance around 0.6770. This area, however, where the weekly pivot is located, looks a great place for selling.

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Levels for trading USD/CAD

To gain the ability to head higher, towards 1.3445, USD/CAD needs to overcome 1.3355 (61.8% Fibo of the May-July decline).  

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