FxWirePro: EUR/JPY slips below daily cloud, better-than-expected EU Consumer Confidence indicator fails to impress
FxWirePro: NZD/USD edges higher, US dollar weakness and market optimism support
NZD/USD chart - Trading View
Technical Analysis: Bias Bullish
- 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
- 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 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.