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NZDUSD battles with 200-day SMA after RBNZ’s rate cut
NZDUSD plunged significantly after the RBNZ’s decision to cut interest rates by 50 bps. The pair remained closed to the 0.6100 round number and is holding near the 200-day simple moving average (SMA), which is acting as a strong support level. The technical oscillators are showing some contradicting signals. The stochastic oscillator is pointing upwards in the oversold area after a bullish cross within its %K and %D lines; however, the RSI is pointing down below the neutral threshold of 50. If the market retreats further, the next support to pause the bearish action is coming from the previous troughs on August 15 ... (full story)
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- Posted: Oct 9, 2024 6:53am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 4,497
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