NZD/USD Analysis Today 19/6: Cautious Trading (Chart)
Date
6/19/2024 3:02:35 PM
(MENAFN- Daily Forex)
The NZD/USD is trading near the 0.61382 mark as of this writing; this after the currency pair touched a low of nearly 0.60975 yesterday before producing its current value range. The U.S is observing a banking holiday today because of the Juneteenth celebrations, which will cause a light Forex session as the day progresses. The ability of the NZD/USD to climb from yesterday's depths and return to cautious sustained values within the lower end of the currency's pair's one week chart is interesting.
Technical perspectives on the NZD/USD will depend on timeframes being considered. While the current value of the currency pair may look like rather boring sideways price action when taking into consideration the past handful of days, a one month chart shows the currency pair within the middle of its range, and a three month glance displays the notion the NZD/USD has actually produced bullish momentum, but not been able to sustain highs Institutions are Cautious as Impetus Sought
Financial institutions have proven they have believed the NZD/USD had been oversold technically and support around the 0.61000 level since the middle of May has become a focal point. While the U.S Federal Reserve may be looked at as being too reactive and not proactive enough, financial institutions still may be leaning towards a weaker USD mid-term centric outlook.
Because low Forex volumes will become a factor over the next couple of hours due to the U.S holiday, the NZD/USD is likely to create a rather unimaginative trading range the remainder of the day. This sets the table for a reaction tomorrow as full volume returns to Forex, but a lack of significant U.S data will also mean that speculators will not have much impetus and will have to rely on current behavioral sentiment.
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Test of Behavioral Near-Term Sentiment for the NZD/USD
The NZD/USD may remain in a relatively tranquil trading range over the coming two days. Technical support and resistance levels will prove interesting and if the 0.61250 to 0.61200 ratios prove durable this could signal bullish sentiment is still cautiously leaning towards a stronger NZD/USD.
However, it is possible financial institutions are not going to get too far ahead of themselves, thus setting the table for resistance to also be on display perhaps around the 0.61550 level for the near-term.
Because of a lack of volume the remainder of today, NZD/USD should be cautious and prepare for more dynamic trading tomorrow/USD Short Term Outlook:
Current Resistance: 0.61450 Current Support: 0.61325 High Target: 0.61560 Low Target: 0.61170
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