Neo market overview: Resurgent NEO/USD looks to break above the SMA 200 curve

0
  • NEO/USD has managed to chart four bullish days out of the last five.
  • The Relative Strength Index (RSI) indicator is trending around 67.75, next to the overbought zone.

NEO/USD buyers took full control in the early hours of Saturday as the price went up from $10.74 to $10.93. In the process, it managed to chart two bullish days in a row and four overall out of the last five. Let’s look at the hourly breakdown of Friday and Saturday. NEO/USD found intraday support at $10.34 and started rising steadily. This Saturday, the price suddenly spiked from $10.65 to $11.02 in just two hours. Breaching the $11-level triggered a minor sell-off as the price has since settled around $10.93.

NEO/USD daily chart

fxsoriginal

NEO/USD is negotiating with resistance at the 200-day Simple Moving Average (SMA 200) curve. The SMA 20 curve has crossed over the SMA 50, which is a bullish sign. The Moving Average Convergence/Divergence (MACD) indicates slightly decreasing bullish momentum, while the Elliott Oscillator has had two straight red sessions. The Relative Strength Index (RSI) indicator is trending around 67.75, next to the overbought zone. The 20-day Bollinger jaw has widened, showing increasing price volatility.
 

Get the 5 most predictable currency pairs

About Author