New Zealand Dollar: NZD/USD (NZD=X) still trading within the 2019 consolidation range

New Zealand Dollar: NZD/USD (NZD=X)  still trading within the 2019 consolidation range

New Zealand Dollar: NZD/USD (NZD=X) still trading within the 2019 consolidation range

Kiwi rebounded off slope support last week with price still trading within the 2019 consolidation range. Key support at last week’s low – resistance at 6837 backed by 6870/76. A break / close lower would exposes the 200DMA at 6735 and 6722.

Overall, the bias in prices is: Sideways.

By the way, prices are vulnerable to a correction towards 0.68.

The projected upper bound is: 0.69.

The projected lower bound is: 0.67.

The projected closing price is: 0.68.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 4 black candles for a net of 1 white candles. During the past 50 bars, there have been 27 white candles and 22 black candles for a net of 5 white 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 Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 14.5054. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a sell 12 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 46.01. 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 sell 95 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 -88. This is not a topping or bottoming area. The last signal was a buy 0 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 2 period(s) ago.

Rex Takasugi – TD Profile

FOREX NZD= closed up 0.000 at 0.681. Volume was 3% below average (neutral) and Bollinger Bands were 16% narrower than normal.

Open High Low Close Volume___
0.680 0.684 0.679 0.681 44,742

Technical Outlook
Short Term: Oversold
Intermediate Term: Bullish
Long Term: Bullish

Moving Averages: 10-period 50-period 200-period
Close: 0.68 0.68 0.67
Volatility: 11 10 11
Volume: 47,510 44,732 49,771

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.

Summary

FOREX NZD= is currently 1.1% above its 200-period moving average and is in an upward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect volume flowing into and out of NZD= at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on NZD= and have had this outlook for the last 8 periods.

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