NZDUSD Rises after Hitting New 31-Month Low

NZDUSD is posting some gains after the selling interest towards the 31-month trough of 0.5530. The technical oscillators are suggesting positive movements in the short-term, as the MACD moved above its trigger line, while the stochastic posted a bullish crossover within the %K and %D lines in the oversold zone. The short-term simple moving averages are heading south following the downside movement.

More upside pressures could drive the market until the immediate resistance of the 20-day SMA at 0.5740 before meeting the 0.5815 barrier. Moving higher, the 50-day SMA near the 0.6000 psychological level ahead of the medium-term downtrend line near 0.6220, could be important levels.

Alternatively, a dive below the 31-month low of 0.5530 would send the pair until the next support at 0.5468. Steeper losses could open the door for the March 2009 bottom at 0.4880.

Summarizing, NZDUSD has been developing in a descending movement in the medium- and long-term timeframes; however, in the very short-term, the pair is showing some positive sings.

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