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18 May 2022

NZD/USD Price Analysis: Bulls attack monthly hurdle surrounding 0.6350

  • NZD/USD struggles to extend three-day uptrend around weekly top.
  • One-month-old descending resistance line, 100-SMA probe buyers, 50-SMA restricts immediate downside.
  • RSI, MACD conditions signal firmer upside momentum of late.

NZD/USD takes rounds to 0.6360 as it battles with the short-term key hurdle during Wednesday’s Asian session, after a three-day rebound from the two-year low.

In doing so, the Kiwi pair jostles with a downward sloping resistance line from late April amid firmer RSI and MACD conditions.

It’s worth noting that the 100-SMA level of 0.6405 also challenges the NZD/USD buyers, even if they manage to successfully cross the 0.6360 hurdle.

Following that, a run-up towards the 0.6500 and then to the monthly high near 0.6570 can’t be ruled out.

Alternatively, the 50-SMA level surrounding 0.6315-10 restricts the short-term downside of the NZD/USD pair ahead of the monthly low near 0.6215.

In a case where the pair drops below 0.6215, a late 2019 bottom around 0.6200 will be crucial to watch.

NZD/USD: Four-hour chart

Trend: Further upside expected

 

May 18, 2022

GBP/JPY Price Analysis: Bulls extend the rally above 161.50 but will face strong resistance around 162.00

The GBP/JPY rallied for the third straight day and reached a fresh weekly high around 161.85, recording minimal gains as the Asian Pacific session beg
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May 18, 2022

GBP/USD balances below 1.2500 ahead of UK Inflation, Fed seeks price stability

The GBP/USD pair is displaying back and forth moves in a narrow range of 1.2484-1.2496 in the Asian session as investors are on the sidelines ahead of
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