The pair is on an uptrend, with the RSI showing a fair amount of bullish momentum. The 50 MA is below price, and the market open was above the pivot price which is at 1.0575.
The pair closed last week on a bearish note and technically, since it opened today below the pivot price which is at 1.0560, we would normally expect to see it head further down. However there are some things to note based on the price action being observed.
The precious metal opened the day above the pivot price which is at 1172. Technically the RSI shows momentum for further upward movement, but caution should be taken.
NZDUSD has made a double bottom pattern on the 1 hour time frame and is good to cross the neckline of the pattern. The RSI also shows some good upward momentum. Other technical indicators including the moving average also supports further bullish movement.
The days pivot price is at 0.688550. Best trade recommendation for this pair would be to go long and target 0.6955 and 0.6975.
The markets have resumed trading for the year with the Dollar keeping up the strong performance that it closed 2016 with. EURUSD opened today below the pivot price which is at 1.0495, also maintaining a place in a bearish channel.
The pair has technically maintained a downward trend for days now and the negative sentiment still seems to have some way to go. Price opened today below the pivot point which is at 1.0390. The pivot is also a resistance point and provided price is below it then the likelihood of further downsides exist.
Market open below the days pivot and also technical readings given by the RSI calls for further downside to the precious metal. Price opened lower with the pivot at 1145 and the RSI gives a bearish signal to it.