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FX.co ★ NZDUSD still inside short-term trading range

NZDUSD still inside short-term trading range

NZDUSD is trading at 0.7165. Short-term trend remains neutral as we explained in previous posts as price continues to trade between 0.7230-0.7150. Longer-term trend remains bullish as price is still inside the upward sloping channel since April.

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NZDUSD still inside short-term trading range

Blue lines - bullish channel

Red lines - short-term trading range

Blue downward sloping line - bearish divergence in the RSI

NZDUSD is consolidating. Price continues moving sideways. A break above 0.7230 will open the way for a move towards 0.73-0.74 and a break below 0.7150-0.71 could push price back to 0.69-0.68. Traders need to keep a close eye both on the red trading range and the lower channel boundary. Breaking below them will start a corrective pull back for the entire rise that started from the low in March 2020.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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