Range Markets

Following a test of the monthly pivot point at 0.7187, bulls took control of the market and manage to push the NZD/USD pair higher yesterday.

However, the rally was stopped by the weekly PP at 0.7277, as the Asian session on Friday introduced some minor downward movement. By the middle of the European trading session, the currency pair had breached the 100-hour simple moving average.

It is likely that the Kiwi is tended south within the following trading session. The fall might be hindered by a support set by either the monthly S1 or the 55—hour simple moving average as can be observed on the chart.

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