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Old 24-05-2018, 07:00
AndreaFM AndreaFM is offline
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Default Re: Daily Market Analysis by ForexMart

NZD/USD Technical Analysis: May 23, 2018

The New Zealand currency rallied during Tuesday’s trading session and further reached the level of 0.6975, prior a rollover and wiping out throughout the day. The ascending triangle was broken in the previous session and currently testing the possible support area. Nevertheless, the NZ dollar looks like to continue struggle under the hands of the US dollar since America have higher interest rates that could continue dominate the greens in general. Moreover, the commodity markets would likely to suffer also except the oil.

Looking forward, the market has the potential to cut through the 0.70 zone based on the trend from the ascending triangle. A move closer to the 0.70 region will enable us to meet more aggressive sellers that would take advantage of the cheap greenbacks. In this regard, selling the rallies could be an option and it takes some time before the break down of the market to the 0.6850 mark again. Eventually, it will test the 0.68 zone which serves the bottom of the longer-term consolidation.

The NZD/USD pair should be expected to be volatile but with some downward slant generally. While most rallies will not last long.
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