NZDUSD Daily: Is EMA(21) strong enough to block the bulls???
The main trend is still downtrend as shown by the lowers lows and lowers highs but we can see a bounce from Support at 0.57966. The EMA(21) is acting as a dynamic resistance but if price managed to close above it should be a sign for a possible trend reversal, otherwise we may see a downward move continuation. The 0.57966 is a critical Support level and keeping an eye on that in case of a break could result in more downward move and more pips.
The RSI is just below 50 and a move above this level may sign a bullish momentum increase; on the other hand if drops below 40 it will sign a bearish continuation.
So the next moves will depends in how the price will move in relation to the EMA(21). We may don't see a clear picture that today(Friday 29th AEST) but next week we may have a better picture.
The RSI is just below 50 and a move above this level may sign a bullish momentum increase; on the other hand if drops below 40 it will sign a bearish continuation.
So the next moves will depends in how the price will move in relation to the EMA(21). We may don't see a clear picture that today(Friday 29th AEST) but next week we may have a better picture.
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