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NZD/USD intraday: the RSI is oversold
2023-10-19
700
0.5854 is our pivot point.
Our preference: the downside prevails as long as 0.5854 is resistance.
Alternative scenario: the upside breakout of 0.5854, would call for 0.5874 and 0.5886.
Comment: the RSI is trading below 30. This could mean that either the pair is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 0.5854 and 0.5877). Finally, the NZD/USD is trading below its lower Bollinger band (standing at 0.5835).
Supports and resistances:
0.5886 **
0.5874 *
0.5854 **
0.5846
0.5834 last
0.5808
0.5796 **
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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