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24 Jan 2020

NZD/USD Price Analysis: Kiwi trading in a bull flag below 0.6614 resistance

  • NZD/USD remains under selling pressure near the 2020 lows.
  • The level to beat for sellers is the 0.6594 support on a daily closing basis. 
 
 

NZD/USD daily chart

 
NZD/USD attempted a break above the 0.6614 resistance and is now easing back down below the level. The market is consolidating in a bull flag while trading above the main simple moving averages (SMAs). However, if the sellers come back the bull flag could fail and lead to a drop towards the 0.6566/52 price zone. Further down lie the 0.6525 level. Resistance is seen near 0.6614 and 0.6642 levels, according to the Technical Confluences Indicator.  
  

Additional key levels 

 

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