EUR/NZD ST: the RSI is oversold
26-May-11
05:21
Our pivot point stands at 1.799.
Our preference: the downside prevails as long as 1.799 is resistance.
Alternative scenario: above 1.799, look for 1.838 and 1.861.
Comment: the RSI is below 30. It could either mean that the pair is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the pair is trading under both its 20 and 50 MAs (standing respectively at 1.8078 and 1.8339).
Supports and resistances:
1.838 *
1.799 **
1.783
1.7549 last
1.708
1.685 **
1.662 *
Ticker: EURNZD
