NZDUSD Price Analysis: Gathers momentum for more upside towards 0.6200 – by Sagar_Dua24 NZDUSD ChartPatterns Momentum RiskAppetite DollarIndex
has slipped sharply after a long struggle around the immediate hurdle of 107.00 in Asia. Meanwhile, 10-year US Treasury yields are holding around 3.88% despite a decline in expectations of a bigger rate hike continuation by the Federal Reserve .
On a four-hour scale, the asset has built an auction profile above the Rising Channel formation. The upper portion of the chart pattern is placed from October 12 high at 0.5716 while the lower portion is plotted from October 13 low at 0.5512. The sustainability of the pair at elevated levels after a channel breakout indicates thatMeanwhile, the advancing 20-period Exponential Moving Average at 0.6060, dictates that the upside trend is firmer.
Also, the Relative Strength Index is oscillating in a bullish range of 60.00-80.00, which signals that the upside momentum is intact. Going forward, a break above Friday’s high at 0.6130 will drive the asset towards the round-level hurdle at 0.6200, followed by August 25 high at 0.6251. On the contrary, a downside move below November 7 low at 0.5863 will put the Greenback bulls into the driving seat and will drag the asset toward the round-level support of 0.5800. A slippage below the latter will open room for more downside toward November 3 low at 0.5741.
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