Technical Analysis – NZDUSD plunges from 8-month high
NZDUSD retreats with next support at 0.6130
Momentum oscillators step down
NZDUSD has been declining considerably following the pullback from the eight-month high of 0.6298, erasing some of the gains of the previous week. The price may find first support at the 0.6130 barricade, ahead of the golden cross between the 20- and the 200-day simple moving averages (SMAs) at 0.6100. Slightly lower, the 50-day SMA at 0.6060 may pause the descending movement.
On the other hand, a successful move higher could re-challenge the previous peak of 0.6298. A potential climb above the latter level could endorse the bullish outlook in the near-term, hitting the peak from December 2023 at 0.6370.
Technically, the momentum oscillators are mirroring the latest descending move in the market. The stochastic is diving from the overbought region and is heading towards the 20 level with stronger force. Moreover, the RSI is falling, indicating an overstretched market.
To sum up, NZDUSD added around 8% after the bounce off 0.5850; however, at the moment the price is creating a bearish correction in the near term.
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