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NZD/USD Analysis: Potential Correction as Buying Weakens

Written by

Ezekiel Chew

Updated on

August 29, 2024

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NZD/USD Analysis: Potential Correction as Buying Weakens

Written by:

Last updated on:

August 29, 2024

The NZD/USD pair extended its gains for a third consecutive session on Thursday, climbing to a high of 0.6300 before settling around 0.6250. However, the quick rejection near the peak suggests that the buying momentum might be losing strength.

The technical indicators are showing mixed signals. The Relative Strength Index (RSI) has risen to 68, indicating that the pair is nearing overbought territory, which could invite selling pressure. Additionally, the Moving Average Convergence Divergence (MACD) is almost flat, suggesting a potential weakening in upward traction.

NZD/USD Daily Chart as of August 29th, 2024 (Source: FXStreet)

The key resistance level for NZD/USD is at 0.6250. If the pair consolidates above this mark, it could advance toward 0.6270 and possibly revisit 0.6300. Conversely, immediate support is seen in the 0.6230-0.6200 range.

About Ezekiel Chew​

Ezekiel Chew, founder and head of training at Asia Forex Mentor, is a renowned forex expert, frequently invited to speak at major industry events. Known for his deep market insights, Ezekiel is one of the top traders committed to supporting the trading community. Making six figures per trade, he also trains traders working in banks, fund management, and prop trading firms.

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NZD/USD Analysis: Potential Correction as Buying Weakens

4.0
Overall Trust Index

Written by:

Updated:

August 29, 2024
The NZD/USD pair extended its gains for a third consecutive session on Thursday, climbing to a high of 0.6300 before settling around 0.6250. However, the quick rejection near the peak suggests that the buying momentum might be losing strength. The technical indicators are showing mixed signals. The Relative Strength Index (RSI) has risen to 68, indicating that the pair is nearing overbought territory, which could invite selling pressure. Additionally, the Moving Average Convergence Divergence (MACD) is almost flat, suggesting a potential weakening in upward traction.
NZD/USD Daily Chart as of August 29th, 2024 (Source: FXStreet)
The key resistance level for NZD/USD is at 0.6250. If the pair consolidates above this mark, it could advance toward 0.6270 and possibly revisit 0.6300. Conversely, immediate support is seen in the 0.6230-0.6200 range.
ezekiel chew asiaforexmentor

About Ezekiel Chew

Ezekiel Chew, founder and head of training at Asia Forex Mentor, is a renowned forex expert, frequently invited to speak at major industry events. Known for his deep market insights, Ezekiel is one of the top traders committed to supporting the trading community. Making six figures per trade, he also trains traders working in banks, fund management, and prop trading firms.

RELATED ARTICLES

NZD/USD Analysis: Potential Correction as Buying Weakens

4.0
Overall Trust Index

Written by:

Updated:

August 29, 2024
The NZD/USD pair extended its gains for a third consecutive session on Thursday, climbing to a high of 0.6300 before settling around 0.6250. However, the quick rejection near the peak suggests that the buying momentum might be losing strength. The technical indicators are showing mixed signals. The Relative Strength Index (RSI) has risen to 68, indicating that the pair is nearing overbought territory, which could invite selling pressure. Additionally, the Moving Average Convergence Divergence (MACD) is almost flat, suggesting a potential weakening in upward traction.
NZD/USD Daily Chart as of August 29th, 2024 (Source: FXStreet)
The key resistance level for NZD/USD is at 0.6250. If the pair consolidates above this mark, it could advance toward 0.6270 and possibly revisit 0.6300. Conversely, immediate support is seen in the 0.6230-0.6200 range.
ezekiel chew asiaforexmentor

About Ezekiel Chew

Ezekiel Chew, founder and head of training at Asia Forex Mentor, is a renowned forex expert, frequently invited to speak at major industry events. Known for his deep market insights, Ezekiel is one of the top traders committed to supporting the trading community. Making six figures per trade, he also trains traders working in banks, fund management, and prop trading firms.

RELATED ARTICLES

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