- NZD/USD declined on Monday to 0.62000, testing crucial support levels.
- The MACD indicator is printing flat green bars, suggesting that the rally might have come to an end.
- The RSI points south suggesting a mounting selling traction.
In Monday's session, the NZD/USD pair declined by 0.40% to 0.6200, as buyers seem to be taking a breather, and the pair seems to have entered a consolidation period. It's worth noticing that the pair approached highs since January above 0.6230.
The Moving Average Convergence Divergence (MACD) indicator is printing flat green bars, which suggests that the consolidation is likely to continue in the short term. The Relative Strength Index (RSI) scaped overbought conditions and is now pointing downwards suggesting that the bulls are taking a breather.
NZD/USD daily chart
The NZD/USD pair faces immediate support at 0.6200 and 0.6150. A break below 0.6150 could lead to a further decline towards 0.6100, which is a major support level. On the upside, immediate resistance can be found at 0.6255. A consolidation above this level could pave the way for a further rally to retest the 0.6300 zone.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD declines on USD recovery, outlook bright
The AUD/USD declined by 0.30% to 0.6775 in Monday's session as the Australian Dollar edged lower despite hovering around a seven-month high near 0.6800. The decline was primarily attributed to a broad USD recovery and a cautious market sentiment.
EUR/USD backslides in broad-market Greenback bounce
EUR/USD pared back recent gains on Monday, slipping back from 1.1200 as traders ease off the gas pedal in broad-market Dollar-negative flows that sent Fiber into its highest bids in 13-months last week. Market risk appetite remains on balance to get the new trading week fired up.
Gold price clings to $2,500 as Powell's speech sparks Fed rate cut bets
Gold extended its gains on Monday amid increasing bets that the US Federal Reserve will begin to ease policy in September. This is a certainty following Fed Chair Jerome Powell's speech at Jackson Hole, when he said, “The time has come for policy to adjust."
AI tokens post huge weekly gains in anticipation of Nvidia's Q2 earnings
Several AI tokens lead the crypto market with heavy gains following a 60% rise in FET. Nvidia's earnings are considered an indicator of the global health of the Artificial Intelligence sector. Analysts expect a Q2 revenue of $28.7 billion and earnings per share of $0.65.
Toncoin price crashes double-digits as Telegram CEO Pavel Durov Arrested
Toncoin (TON) plunged 14% in two days, reaching a low of $5.23 on Sunday. As of Monday, it trades at around $5.73. This bearish sentiment was initiated by the arrest of Pavel Durov, CEO of Telegram, by the Fench authorities on Saturday.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.