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NZD/USD intraday: the downside prevails as long as 0.5918 is resistance
2023-10-03
610
Our pivot point stands at 0.5918.
Our preference: the downside prevails as long as 0.5918 is resistance.
Alternative scenario: the upside breakout of 0.5918, would call for 0.5937 and 0.5948.
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 below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 0.5913 and 0.5938).
Supports and resistances:
0.5948 **
0.5937 *
0.5918 **
0.5911
0.5893 last
0.5870
0.5859 **
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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