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Technical analysis

24.08.202111:40 विदेशी मुद्रा विश्लेषण और समीक्षा: NZD/USD technical analysis for August 24, 2021

A very interesting NZD/USD currency pair has not been in our attention for a long time. Today, we will fill this problem and start with summing up the results of the last trading week and analyzing the corresponding timeframe.

Weekly

A lot has already been said about the reasons for strengthening the US dollar at the auction on August 16-20. And yet, let me remind you that the main trigger for the strengthening of the US dollar was the protocols of the US Federal Reserve System( FRS), from which it follows that the US Central Bank is ready to start reducing the purchase of bonds by the end of this year. If you look at the technical picture on the weekly chart, it is very similar to that observed for another commodity currency – the Australian dollar. There was also a rather long consolidation, which is visible by the highlighted candles, after which there was a sharp collapse of the kiwi exchange rate. At the same time, last week's trading closed below the black 89 and orange 200 exponential moving averages. A strong support level of 0.6875 was also broken. However, it is not at all the fact that the indicated moves and the support level are truly broken since only one candle closed under them.

Thus, a lot will be decided this week. If the bulls on the "New Zealander" manage to return the rate above 89 and 200 EMA, and most importantly, above the support level of 0.6875 and the level of 0.6900, their breakdown will have to be recognized as false and prepare for the subsequent strengthening of the course. At the moment, the pair is strengthening and shows intentions to rise to the red line of the Tenkan of the Ichimoku indicator, which passes at a strong technical level of 0.6950. The passage of the Tenkan and the closing of the week above the most important psychological and technical level of 0.7000 will leave almost no doubt about the "randomness" of the fall of the New Zealand currency and will significantly strengthen the bullish sentiment for the pair. If the bears are not joking and intend to continue to bend their line, then the pair has prospects of falling to the equally important psychological mark of 0.6500. Naturally, if this happens, it will not be today or tomorrow.

Daily

And for this trading instrument, a reversal model of the "Morning Star" candle analysis was formed on the daily chart, which is circled by an oval circle. It is the third pair of those considered today, which has this reversal model daily. However, I repeat once again that such a model requires confirmation in the form of subsequent growth. Today, this is exactly the growth that is being observed, and it is quite strong. If today's trading ends with forming a large bullish candle, we will look for points to buy since today's growth will confirm the market's reversal in the north direction. Now it makes no sense to give any clear and technically sound recommendations. It is necessary to wait for the completion of at least today's trading. However, for particularly risky and aggressive traders, I can recommend buying after the pair's rollback to the price zone of 0.6915-0.6910. I think that this week the NZD/USD currency pair will still come to our attention. And for today, that's all for now.

*यहां पर लिखा गया बाजार विश्लेषण आपकी जागरूकता बढ़ाने के लिए किया है, लेकिन व्यापार करने के लिए निर्देश देने के लिए नहीं |

Ivan Aleksandrov,
Analytical expert of InstaSpot
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