While bullish traders lick their wounds following a massive short-covering rally on Wednesday, the New Zealand Dollar is trading nearly flat early on Thursday as traders continue to digest the Federal Reserve’s monetary policy statement and less-hawkish comments from Fed Chair Jerome Powell, bearish traders lick their wounds after a massive short-covering rally on Wednesday.
According to the daily swing chart, the overall trend is downward. But since the development of the daily closing price reversal bottom on May 3, momentum has been moving in the direction of the uptrend.

0.64070 serves as support while 0.64400 serves as resistance. Currently the price is below the Pivot Point at 0.64210. The EMAs of 100 and 200 are moving downward, the EMA of 10 is showing a downtrend. The crossover buy signal is going to be generated in the Stochastic oscillator. The RSI is moving toward the 30 mark. The MACD histogram is in negative zone with the signals going downward. ADX is not showing a clear signal.
The price is under the Ichimoku Cloud and the Chinkou Span is near the market price. The Tenkan-sen and the Kijun-sen are moving downward.

• There is resistance at 0.64400, followed by resistance at 0.64540 and 0.64730.
• There is support at 0.64070 Below, there is 0.63880 and 0.63740.

Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.

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