New Zealand Dollar: NZD/USD (NZD=X) in a strong downtrend
The NZD/USD is in a strong downtrend. If we see a pullback the POC zone should show fresh sellers and the Kiwi should drop again.
0.6320-50 is the confluence zone. Watch for rejections in the area if the price pulls back. We can see a strong zig zag and very nice downtrend and there is still room for more downside price action. Targets are 0.6279, 0.6225 and 0.6182. Only above 0.6423. we will see a deeper retracement. If we don’t see a retracement to the POC zone watch for a drop below 0.6250 for a continuation down.
Overall, the bias in prices is: Downwards.
The projected upper bound is: 0.64.
The projected lower bound is: 0.62.
The projected closing price is: 0.63.
During the past 10 bars, there have been 3 white candles and 6 black candles for a net of 3 black candles. During the past 50 bars, there have been 20 white candles and 29 black candles for a net of 9 black candles.
A long upper shadow occurred. This is typically a bearish signal (particularly when it occurs near a high price level, at resistance level, or when the security is overbought).
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 60.0000. This is not an overbought or oversold reading. The last signal was a buy 1 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 41.47. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 2 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -49. This is not a topping or bottoming area. The last signal was a buy 1 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 4 period(s) ago.
Rex Takasugi – TD Profile
FOREX NZD= closed unchanged at 0.632. Volume was 99% below average (consolidating) and Bollinger Bands were 16% narrower than normal.
Open High Low Close Volume___
0.632 0.633 0.632 0.632 459
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period 50-period 200-period
Close: 0.63 0.65 0.66
Volatility: 8 8 9
Volume: 25,486 31,938 38,480
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
FOREX NZD= is currently 4.9% below its 200-period moving average and is in an downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of NZD= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on NZD= and have had this outlook for the last 2 periods.