USDNZD closes lower for the 4th day in a row
US Dollar/New Zealand Dollar (USDNZD) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, USDNZD ended Wednesday at 1.4854 losing 40 pips (-0.27%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (USDNZD as at Sep 16, 2020):
Wednesday's trading range has been 126 pips (0.85%), that's slightly below the last trading month's daily average range of 144 pips. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for USDNZD.
Prices are trading close to the key technical resistance level at 1.4941 (R1).
Though the FX pair is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
With prices trading close to this year's low at 1.4730, downside momentum might speed up should the currency break out to new lows for the year.