NZD/USD is Hitting a Ceiling
Although the 50- and the 200-period SMAs are positively aligned, the upside in NZD/USD has stalled in recent trading.
A
4hr stochastic above its median line don’t necessarily favours a
liquidation of long-term buy positions, but the 1-hour stochastic is
increasingly pointing that it could be necessary soon.
The
oscillator has been precariously perched above the 70% level for more
than eight hours and has just abandoned overbought territory with the
recent hourly close. We see bias for a roll back lower in the
short-term.
