NZD/USD Price Analysis: Kiwi drops from 0.6400 amid ease in risk-on mood NZDUSD ChartPatterns SupportResistance Reversal Fed
asset is likely to remain on the tenterhooks as investors are awaiting the speech from Federal Reserve chairMeanwhile, the risk impulse is quite confusing as S&P500 futures are recovering after dropping sharply in the early Asian session. Also, the alpha generated by 10-year Treasury yields has accelerated to near 3.55%.pattern around 0.6200 on a four-hour scale resulted in a firmer rally in NZD/USD.
A bull cross, represented by the 20-and 50-period Exponential Moving Averages at 0.6300, adds to the upside filters. Also, the 200-EMA at 0.6277 has acted as a cushion for the New Zealand Dollar. The Relative Strength Index is trying hard to keep oscillation in the bullish range of 60.00-80.00 as it will maintain strength in the US Dollar.
After a firmer rally, it is highly likely that the Kiwi asset will test the critical support placed from January 4 high around 0.6350, which will trigger a bargain buy opportunity and will drive the major towards Monday’s high at 0.6412 followed by the psychological resistance at 0.6500. On the contrary, a break below December 22 low at 0.6230 will expose the Kiwi asset for more downside toward November 28 low at 0.6155. A slippage below the latter will drag the asset further to near November 21 low at 0.6087.
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