NZDUSD Analysis: Increasing commodity prices bullish for NZDUSD

November 5, 2019

By IFCMarkets

Increasing commodity prices bullish for NZDUSD

Australia and New Zealand Banking Group’s World Commodity Price Index rose 1.2% on month in October following a reading of no change in previous month. Will the NZDUSD rise?

NZDUSD falling toward MA(200)

On 1-hour timeframe NZDUSD: H1 is in downtrend, above the 200-period moving average MA(200) which is levelling off. The RSI indicator is below 50 level but has not reached oversold zone.

Technical Analysis Summary

OrderSell
Sell stopBelow 0.6399
Stop lossAbove 0.6419

Market Analysis provided by IFCMarkets