FxWirePro: Leading oscillators signal NZD/USD’s short term trend reversal

Kiwi dollar after continues losing streak that has begun from mid April now it is making an attempt of recovery a bit. On weekly charts, from last April the pair has been tumbling non-stop from the peaks at 0.7736 levels to evidence the huge loses.

An inverted hammer candle is occurred on weekly charts at the downswings and the trend on this chart has started showing short term reversal as the RSI (14) has reached oversold zone and is now converging upswings with every price spikes. While %K line crossover occurred below 20 levels on slow stochastic which is again an oversold territory.

RSI on weekly chart is converging upward at 29.9322, while %K line crossover on slow stochastic curve is seen below 20 levels which is oversold zone. (Currently, %K line trending at 13.6232 and %D line at 6.9151). Overall, Kiwi dollar after a long lasted losing streak that was started from last 1 year or so to hit almost 6 year's lows has now changed its direction. So far the major trend was downtrend dominated by the bears and now has been trend reversal signalled by technical indicators.