NZDUSD and USDTRY: NZDUSD at a new weekly low this morning
- During this morning’s Asian trading session, the NZDUSD was on a pullback that has continued since Friday
- During this morning’s Asian trading session, USDTRY remained stable above the daily open price and the 33.95000 level
NZDUSD chart analysis
During this morning’s Asian trading session, the NZDUSD was on a pullback that has continued since Friday. After seeing a jump to the 0.62500 level on Friday, the pair initiated a bearish consolidation and fell to 0.61600. Today, we see a break below that low and a drop from 0.61244 to a new lower low. NZDUSD stops further retreat for now and makes a slight recovery to the 0.61450 level.
The picture gives us indications of a potential recovery and the initiation of a bullish consolidation. Potential higher targets are the 0.61600 and 0.61800 levels. By returning above 0.61750, we return above the daily open price to the positive side, where the chances of further progress to the bullish side are increasing. EMA 200 moving average and subsequent resistance is in the zone of 0.62000 levels.
USDTRY chart analysis
During this morning’s Asian trading session, USDTRY remained stable above the daily open price and the 33.95000 level. After that, we continued with a bullish consolidation to a new daily high at 34.07803. We see a slight pullback to initiate a new bullish run with the aim of reaching last week’s high at 34.08951. Potential higher targets are 34.10000 and 34.15000 levels.
For a bearish option, the USDTRY must initiate a bearish consolidation and move back down to the daily open price. With that move, we move below the EMA 200 and put pressure to move to the downside. The pair goes to a new daily low with a new impulse and confirms the transition to the bearish side. Potential lower targets are 33.90000 and 33.85000 levels.
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