The New Zealand Dollar Comes Under Pressure From Major Peers

• 16 May 2018

GBP/NZD

The GBP/NZD pair is approaching a market top at the 1.970 price level and there are signs that the bearish momentum may not continue. RSI is turning away from overbought conditions and today’s trading has started with sellers dominating price action.

EUR/NZD

The EUR/NZD has reached overbought conditions with a doji candle potentially marking a trend change. At the same time, volume spiked and the subsequent candle is bearish indicating sellers have returned to the pair. RSI has moved away from overbought conditions.

NZD/CHF

The NZD/CHF pair has broken the 0.692 price level and is approaching the 0.683 price level. Several breaks of the lower Bollinger band may indicate a reversal is imminent, however, MACD has broken the zero line indicating further bearish momentum.

NZD/CAD

The New Zealand Dollar has suffered from a sustained sell-off against the Canadian Dollar, with the pair breaking several support areas at the 0.888 and 0.883 price levels. The pair is oversold and momentum indicators have a downward trajectory indicating further pressure for the New Zealand Dollar.