The New Zealand Dollar Makes Gains Over Major Peers

• 10 Jan 2018

NZD/JPY

The NZD/JPY pair has broken a recent resistance level at the 80.67 price level. The break is provided weight by a break of the 70 overbought line on RSI and significant downward trajectory. On-Balance Volume also appears weighted towards selling activity. The next obvious price target is the 79.27 price level.

NZD/CHF

Despite a break of the 70 overbought line and the 0.701 resistance line, the NZD/CHF buyers appear to have the appetite to push prices higher. On Balance Volume mimics RSI with a sharp upward trajectory further confirming that momentum is firmly with buyers of the pair.

EUR/NZD

The EUR/NZD pair has reached a significant support level at the 1.663 price line. MACD suggests that momentum is bearish, however, a series of doji candles at the support level coupled with a flattening out on RSI suggests that sellers are losing steam. A break of the 1.663 support line should send prices towards the 1.641 price level.

NZD/USD

The NZD/USD pair has stalled at the 0.716 resistance level. At the same time, RSI has hit the 70 overbought level. Doji candles indicate that the pair will struggle to push beyond the 0.716 price level, despite MACD remaining in positive territory. The next price target will likely be the 0.705 price level.