For Traders

Analytical Reviews

Technical analysis

08.02.202305:21 Forex Analysis & Reviews: Technical Analysis of Daily Price Movements of NZD/USD Commodity Currency Pairs, Wednesday 08 February 2023.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

If we look at the daily chart, NZD/USD commodity currency pairs looked seen a few things:

1. Stochastic Oscillator indicator was in Oversold area.

2. Golden Cross occurs from its MA 50 and MA 200.

3. Kiwi's price movement is in the middle of the MA 50 and MA 200 crossing.

From those three things above we can conclude that right now Kiwi is in the Sideways condition however, Buyers have started to enter this commodity currency pair so that in the near future as long as there is no significant movement that causes NZD/USD to fall down and penetrate the 0.6188 level, the Kiwi has the potential to appreciate an upward rally to test the 0.6511 level again as its main target and if this level is successfully broken upwards, Kiwi will potentially continue the rally up to the level of 0.6775.

(Disclaimer)

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.