Published On: Thu, Feb 23rd, 2017

NZD/USD: technical analysis

InstaForex

NZD/USD, D1

On the daily chart, the pair is trading in the lower Bollinger band. The price remains just above its moving averages that are directed up. The RSI turned up in the Bullish zone above the 40 mark. The Composite is about to test its longer MA having formed a divergence with the price, suggesting a growth possibility.

NZD/USD, H4

On the 4-hour chart, the pair is correcting down from the upper line of Bollinger Bands. The price remains on the level with its moving averages that are horizontal. The RSI turned down having failed its last week resistance. The Composite is showing similar dynamics.

Key levels

Support levels: 0.7128 (local lows), 0.7055 (April 2016 highs), 0.6983 (November 2016 lows).

Resistance levels: 0.7241 (local highs), 0.7324 (July 2016 highs), 0.7362 (February highs).

Trading tips

The pair is consolidating in a sideways channel just below its 61.8% Fibonacci retracement. There is a short-term growth possibility and the decline is likely to resume afterwards.

Long positions can be opened from the level of 0.7241 with the target at 0.7324 and stop-loss at 0.7215. Validity – 2-3 days.

Short positions can be opened from the level of 0.7128 with targets at 0.7055, 0.6983 and stop-loss at 0.7168. Validity – 2-3 days.

Аналитика Форекс

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