On the Forex market the Dollar traded mixed during yesterday’s session as individual pairs stayed around their current levels. Economic data was mainly released from the U.S yesterday, therefore after the result, Forex traders began to prepare for today’s session, one that could spark major volatility.
In overnight trading the New-Zealand Dollar presented some movement after their retail sales tumbled presenting a -0.4% figure. From a technical point of view the NZD/USD found support yesterday after presenting a bearish like engulfing candlestick on the daily chart. The pair dropped during the intraday session but found support on recent resistance of 0.5924. When observing the chart more carefully, the pair is now trading in tight range around its 32.8% Fibonacci level. Movement today could spark a deeper correction if the Dollar sees overall strength. In addition relative strength indicators are still showing negative divergence.
In overnight trading the New-Zealand Dollar presented some movement after their retail sales tumbled presenting a -0.4% figure. From a technical point of view the NZD/USD found support yesterday after presenting a bearish like engulfing candlestick on the daily chart. The pair dropped during the intraday session but found support on recent resistance of 0.5924. When observing the chart more carefully, the pair is now trading in tight range around its 32.8% Fibonacci level. Movement today could spark a deeper correction if the Dollar sees overall strength. In addition relative strength indicators are still showing negative divergence.
*courtesy of netdania.com
