What do we expect from the NZDUSD movements today? Study the latest 19 February NZDUSD Technical Outlook as it provides you with necessary guidance.
19 February, GKFX – NZD/USD is declining in the latter half of the Tokyo session, currently testing the 0.7390 region after reaching a peak of 0.7409. This is gearing up to be a quiet Monday, with China’s institutions shuttered to celebrate Chinese New Year, and the US market will be staying dark until Tuesday in observance of President’s Day.
With very little New Zealand news on the release schedule this week, NZD/USD can expect to get towed around by general market sentiment, as traders flop back and forth between buying up the US Dollar when risk aversion stokes up and dumping the US Dollar as equities claw their way upwards.
Looking ahead, the Kiwi may take cues from the FOMC minutes (due this Wednesday), while continuing to ignore the traditional bond market and exchange rate correlations.
19 February NZDUSD Technical Outlook
With the pair trading dangerously close to seven-month highs, buyers will be looking to resume control of the pair following the rejection of support at the 34-EMA 0.7224, while the current challenge will be to push the pair up and over last week’s high of 0.7437. Further price movements will have to overcome resistance at 0.7410 and the cap of 0.7436 itself, while a turn for the bearish will see support at 0.7373 and 0.7335 below.
This article 19 February NZDUSD Technical Outlook was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.
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