(DAILY NOTION) NZD/USD Struggled to Regain After Drop Below the 0.7200 Level, Next Mover: Biden's Inauguration
Illustration photo of NZD/USD daily chart from Tradingview
NZD/USD is currently trading around 0.7164, and trading flat early Tuesday as investors take a breather following three straight days of weakness.
President-elect Joe Biden promised “trillions” in extra pandemic relief spending last week and investors are expecting more fiscal stimulus. This lead to it should be really easy with the Democrats controlling both houses of Congress.
It is possible to gain additional downward momentum in the short-term in case the right catalysts emerge as the RSI indicator currently at the moderate territory. As reported by James Hyerczyk, He pointed out that NZD/USD a move below the level of 0.7159 indicates the seller is in control. The selling pressure possibly extends to the support level at 0.7084 if this move creates enough more downside momentum.
On the upside, he pointed out that an upward momentum and settle above 0.7150 will signal buyers is in control. This could trigger an intraday surge into 0.7232. But since it is a downtrend for the NZD/USD pair, sellers are likely to return on a test of this level.
FOLLOWME NZD/USD Overall Sentiment (As of 12:20 p.m., Jan 12, 2021),
Short - 55.09%
Long - 44.91%
For information please refer to James Hyerczyk.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.