The New Zealand Dollar Dominates Early In Asia-Pacific Session

• 12 Dec 2017

 

 

 

AUD/NZD

AUD/NZD has reached a point of relative indecision as denoted by the doji candle in today’s trading session. There appears to be room for further downside as MACD has recently broken the zero line and a major support area is not too far away at the 1.084 price line.

 

 

 

NZD/JPY

The NZD/JPY pair has broken a series of previous support levels at the 77.67 and the 78.18 price levels. Given the trajectory of MACD and the beginning of a bullish candle in today’s trading session, the pair may continue to test the 79.30 price level. However, the pair has also broken the upper Bollinger band and RSI’s proximity to the 70 overbought line indicates that buyers may struggle push prices higher.

 

 

 

NZD/CAD

The NZ Dollar has also made gains against its North American counterpart with a similar trajectory to the NZD/JPY. Again, despite the pair breaking a recent resistance line at the 0.885 price level, the pair is testing overbought levels on Bollinger bands and RSI. Volume also appears to be stalling indicating that there may not be enough NZD buyers to sustain the bullish momentum.

 

 

 

 

NZD/USD

A break of the 20-period EMA on the NZD/USD chart signals a trend reversal after the pair had reached a market bottom. Momentum indicators confirm bullish momentum with RSI crossing the 50 support level. However, with declining volume, there may not be enough momentum for the pair to reach the 0.696 resistance line.