FX.co ★ NZD/USD

When it comes to the NZD/USD pair, yesterday we saw a very clear bounce right to the average line of the Envelopes indicator at 0.5733, almost point by point. This presented an opportunity for buyers to turn the market north if they could close the hourly candle above the level of 0.5733. However, instead of that, selling pressure on the NZD/USD pair resumed, and we are currently trading at a price of 0.5704. Consequently, the path for further decline of the NZD/USD pair towards the lower boundary of the trading range at 0.5672 is now open. This would just be a maximum deviation to the south from the usual 55-day moving average, indicating a ranging market environment. Therefore, from 0.5672, we can expect a bounce and a reversal to the upside today.