The New Zealand Dollar versus the US Dollar (NZD/USD) fell in its recent intraday trading, breaking out of an ascending price channel that had previously bounded its short-term trading, thereby signaling the continuation of that bearish corrective wave, especially with the negative pressure from the 50-period simple moving average and the influx of negative signals from the Relative Strength Index, after the pair succeeded in offloading its oversold condition.
Accordingly, our forecast indicates further declines in the NZD/USD price in its upcoming intraday trading, as long as the resistance at 0.5765 holds, targeting the key support level at 0.5690.
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Bitcoin (BTCUSD) experienced fluctuating intraday trading in continuous attempts to find an upward base that provides the necessary positive momentum for recovery. In these attempts, it relied on a strong support wall, namely its 50-period simple moving average, which contributed to the formation of positive candles indicating an imminent recovery. This scenario is further reinforced by the emergence of positive signals from the Relative Strength Index after it reached extremely oversold levels, along with the price trading along an ascending corrective trendline.
Our outlook remains positive for a rise in Bitcoin's price in the upcoming intraday sessions, provided that the support level at $82,000 holds, so as to target the main resistance level at $90,000.
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The EUR/USD pair stabilized lower during its intraday trading, relying on the key support level at 1.0820. This level represents the neckline of a double top pattern formed on the short term, influenced by bearish pressure as the pair trades below its 50-day simple moving average, and by breaking a short-term ascending trendline.
Accordingly, our forecast indicates a decline for the EUR/USD, especially if it breaks below the 1.0820 support, then immediately targeting the first support level at 1.0765.
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Crude Oil advanced during its intraday trading, successfully stabilizing above the stubborn and key resistance level of $68.00 amid the morning attempts by the price to break through it. The recent upward move came after it managed to offload some of its bullish exhaustion, which was evident in the Relative Strength Index, amid the dominance of the ascending corrective trend and trading along a trendline.
Our expectations indicate that Crude Oil's price will rise in its upcoming sessions, especially as it remains stable above the $68.00 level, targeting the resistance at $70.00.
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