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Trend setting Move Eyed as RBNZ looms



NZD / USD Technical ANALYSIS: NEUTRAL

  • NZD / USD countertrend support break hints 2-year downturn moves back into play
  • Short-term setup hints instant sales pressure has given way to indecision 19659003] RBNZ-inspired volatility can trigger outbreaks that define long-term price trends

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A breach of counter-trend support that drives the New Zealand Dollar higher since mid-June suggests that the dominant decline established from July 201

7 has resumed. Sellers have challenged support in the 0.6482-96 area, with a daily closing below that opens the door to a October 2018 low of 0.6425.

Immediate resistance in the traffic region is 0.659-91. A break back that sees a dense layer of back-to-back support levels that range from 0.6653 to 0.6727. Beyond that, the dominant downtrend peak with the swing peak in July crosses at 0.6791, providing a bias-defining barrier.

  NZD / USD Technical Analysis: Trend-Setting Move Eyed as RBNZ Looms

NZD / USD Daily Chart Created Using TradingView

When zooming in on a four hour chart, it looks like that prices have broken the limits of the downturn in the short term and set themselves into a traffic stop area. Indecision and closeness to support can discourage sellers on risk / reward reasons in the short term and shed light on the looming decision on RBNZ interest rate for a possible catalyst.

  NZD / USD Technical Analysis: Trend-Setting Move Eyed as RBNZ Looms

NZD / USD 4 hour chart created using TradingView

The announcement may cause a critical outbreak, regardless of direction. The monthly chart reveals that NZD / USD is wedged between resistance leading them lower since mid-2014 and 19-year uptrend support. A meaningful price fluctuation in one way or another can define the direction for months and years ahead.

  New Zealand Dollar vs US Dollar Price Table - Monthly

NZD / USD Monthly Chart Created Using TradingView

NZD / USD TRADING RESOURCES:

— Posted by Ilya Spivak, Currency Strategist for DailyFX. com

To contact Ilya, use the C omments section below or @IlyaSpivak on Twitter


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