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NZD/USD intraday: look for a drop towards 0.6176 before a bounce

2024-02-22
1128

Our pivot point is at 0.6176.

Our preference: look for a drop towards 0.6176 before a bounce.

Alternative scenario: the downside breakout of 0.6176 would call for 0.6155 and 0.6142.

Comment: the RSI is above its neutrality area at 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI would call for further downside. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 0.6195 and 0.6191).

Supports and resistances:

0.6263 **

0.6251 *

0.6238 **

0.6225

0.6196 last

0.6185

0.6176 **

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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