9 October, OctaFX – The New Zealand dollar was lower than the USD even after positive confidence numbers. The numbers from the National Australian Bank (NAB) showed that confidence rose to 6, which was higher than the 5 that traders were expecting.
This ended a slide that started a few months ago after the confidence number reached 13. This is probably a reflection of the fact that executives are more optimistic that the trade war issue will be resolved.
NZDUSD Remains Lower
The NZDUSD pair remained at low levels after positive confidence numbers from New Zealand. The pair is trading at the 0.6448 level which is slightly higher than yesterday’s close of 0.6426.
The RSI has moved from the oversold level of 17 and is currently at 32. Since this happened amidst low volume, this could be a false breakout. Traders should continue to monitor the pair before initiating any trades.
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