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  |   Technicals


FxWirePro: NZD/USD edges higher, US dollar weakness and market optimism support

NZD/USD chart - Trading View 

Technical Analysis: Bias Bullish

GMMA Indicator

- Major trend is bullish, minor trend is neutral on the daily charts

- On the weekly charts, minor trend is strongly bullish, major trend is seeing a bullish shift

Ichimoku Analysis

- Price action is above cloud on the daily and weekly charts

- Chikou span shows some sideways movement on the daily charts


- Stochs and RSI have rolled over from overbought levels 

- Oscillators hold bullish momentum

Bollinger Bands

- Bollinger bands are wide. Volatility remains high on the daily and weekly charts

Fundamentals: The antipodeans buoyed by rising market optimism. US dollar weakness across the board also supports gains. Further the latest Reserve Bank of New Zealand (RBNZ) survey shows New Zealand's (NZ) one and two-year inflation expectations picked-up in Q3 2020. 

Major Support Levels: 0.6607 (21-EMA), 0.6571 (Weekly cloud top)

Major Resistance Levels: 0.6760 (61.8% Fib), 0.6797 (200W MA)

Summary: NZD/USD struggling to extend gains after 'Inverted Hammer' formation on the previous weeks' candle. Technical bias remains bullish, scope for upside resumption. Next major hurdle aligns at 61.8% Fib at 0.6760 ahead of 200W MA at 0.6797.

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