Technical Analysis – NZDUSD recovers from 13-month low
- NZDUSD remains in downtrend in short-term
- MACD and RSI suggest some upside move
NZDUSD is rising remarkably today after a dip towards a 13-month low beneath 0.5800 on Tuesday. The stochastic oscillator is moving higher following a bullish crossover between the %K and %D lines, while the RSI is ticking higher, indicating a potential upside recovery.
More aggressive buying interest could see the pair retesting the 0.5920-0.5930 restrictive region, which encapsulates the 23.6% Fibonacci retracement level of the down leg from 0.6370 to 0.5796. A break of that wall could open the way for a test of the 38.2% Fibonacci at 0.6020.
Alternatively, a slip beneath the immediate support of 0.5815 may send traders toward the previous trough of 0.5796 and the 0.5770 barrier, registered in October 2023.
To conclude, NZDUSD has been in a descending tendency since the end of September and only a jump above the 200-day SMA at 0.6060 could change the current outlook.
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