NZDSGD closes within previous day's range after lackluster session
New Zealand Dollar/Singapore Dollar (NZDSGD) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
NZDSGD finished the week 0.71% higher at 0.8959 after gaining 14 pips (0.16%) today on low volume. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (NZDSGD as at Feb 14, 2020):
Friday's trading range has been 32 pips (0.36%), that's below the last trading month's daily average range of 54 pips. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for NZDSGD.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to the key technical support level at 0.8918 (S1). Prices are trading close to the key technical resistance level at 0.8985 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 0.8989 where further buy stops might get activated. With prices trading close to this year's high at 0.9066, upside momentum could speed up should the pair be able to break out to new highs for the year.
With five out of the seven Major FX Pairs closing lower today, the ones that stand out on the negative side are USDCAD losing -0.12% and EURUSD closing -0.08% lower. On the flipside the best performers have been USDCHF closing 0.28% higher and GBPUSD gaining 0.02%. Looking at the other Minor FX Pairs and Crosses, the winners of the day have been USDSEK surging 0.51% and EURSEK closing 0.43% higher. The worst performers of the day have been EURHUF tanking -0.65% and USDHUF closing -0.58% lower. Read more