Forex analytics and overview

NZD/CAD Pulls Back But Uptrend Remains Intact

2022.05.25 15:35

NZD/CAD traded higher overnight, but during the European morning, it hit resistance slightly below the 0.8360 barrier, marked by the high of May 5, and then it pulled back. However, it stayed above the upside line taken from the low of May 19, and thus, we will consider the short-term outlook to be cautiously optimistic.

The bulls may retake charge from near that upside line and aim for another test near 0.8360. If they break higher, we could see them pushing up to the 0.8455 territory, defined as resistance by the high of Apr. 27. If they are not willing to stop there either, we may see them pushing towards the peak of Apr. 20, at around 0.8530.

Looking at our short-term oscillators, we see that the RSI turned down and exited its above-70 zone, but the MACD, although it turned down as well, remains above both its zero and trigger lines. Both detect slowing upside speed, but the MACD remains above both its zero and trigger lines, keeping alive the case of a potential rebound soon.

To start examining whether the bears have stolen all the bulls’ swords, we would like to see a clear dip below 0.8223. This could confirm the break below the short-term upside line and may initially target the low of May 20, at 0.8165. If that barrier doesn’t hold, its break could set the stage for more declines, perhaps towards the low of May 19, at 0.8100, or the low of May 16, at 0.8070.NZD/CAD Pulls Back But Uptrend Remains IntactNZD/CAD 4-hour chart technical analysis.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 95,463.58 0.91%
ethereum
Ethereum (ETH) $ 3,313.82 0.32%
tether
Tether (USDT) $ 0.998684 0.13%
xrp
XRP (XRP) $ 2.20 0.82%
bnb
BNB (BNB) $ 661.35 0.72%
solana
Solana (SOL) $ 183.78 1.62%
dogecoin
Dogecoin (DOGE) $ 0.315373 1.48%
usd-coin
USDC (USDC) $ 0.999602 0.17%
staked-ether
Lido Staked Ether (STETH) $ 3,307.90 0.42%
cardano
Cardano (ADA) $ 0.898113 0.82%
tron
TRON (TRX) $ 0.247884 1.41%
avalanche-2
Avalanche (AVAX) $ 36.83 0.54%
chainlink
Chainlink (LINK) $ 22.84 4.09%
the-open-network
Toncoin (TON) $ 5.45 2.91%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,935.82 0.02%
shiba-inu
Shiba Inu (SHIB) $ 0.000022 2.01%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 95,442.57 0.48%
sui
Sui (SUI) $ 4.31 2.09%
stellar
Stellar (XLM) $ 0.358621 2.65%
polkadot
Polkadot (DOT) $ 6.97 1.09%
hedera-hashgraph
Hedera (HBAR) $ 0.266641 7.22%
weth
WETH (WETH) $ 3,315.35 0.28%
hyperliquid
Hyperliquid (HYPE) $ 26.22 20.44%
bitcoin-cash
Bitcoin Cash (BCH) $ 444.61 0.29%
leo-token
LEO Token (LEO) $ 9.36 0.39%
uniswap
Uniswap (UNI) $ 14.01 3.75%
litecoin
Litecoin (LTC) $ 102.65 4.17%
pepe
Pepe (PEPE) $ 0.000018 3.62%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,503.25 0.21%
near
NEAR Protocol (NEAR) $ 5.11 3.57%
ethena-usde
Ethena USDe (USDE) $ 0.99847 0.10%
bitget-token
Bitget Token (BGB) $ 4.11 0.15%
usds
USDS (USDS) $ 0.999825 0.20%
aptos
Aptos (APT) $ 9.25 0.08%
aave
Aave (AAVE) $ 327.51 10.89%
internet-computer
Internet Computer (ICP) $ 10.08 1.92%
crypto-com-chain
Cronos (CRO) $ 0.15533 0.67%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.479766 2.37%
mantle
Mantle (MNT) $ 1.18 4.30%
ethereum-classic
Ethereum Classic (ETC) $ 26.37 2.68%
vechain
VeChain (VET) $ 0.046221 2.94%
render-token
Render (RENDER) $ 7.10 1.74%
whitebit
WhiteBIT Coin (WBT) $ 24.52 1.06%
monero
Monero (XMR) $ 190.83 1.63%
mantra-dao
MANTRA (OM) $ 3.68 3.76%
dai
Dai (DAI) $ 0.999878 0.03%
bittensor
Bittensor (TAO) $ 458.82 2.26%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.27 1.90%
arbitrum
Arbitrum (ARB) $ 0.758717 2.78%
ethena
Ethena (ENA) $ 1.07 4.95%