NZD/USD hit our downside take profit target as predicted. The pair is expected to continue the downside movement today as well. The pair recorded lower tops and lower bottoms since June 19 that confirmed a negative outlook. The declining 20-period and 50-period moving averages are playing resistance roles. The relative strength index is below its oversold level of 30, but has not displayed any reversal signal yet.
Hence, as long as 0.7255 holds on the upside, we expect a further weakness to 0.7215 and even to 0.7200 in extension.
Strategy: SELL. Stop Loss: 0.7275. Take Profit: 0.7215
Chart Explanation: The black line shows the pivot point. Currently, the price is above the pivot point which indicates the bullish position. If it is below the pivot points, it indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7300, 0.7320, and 0.7355
Support levels: 0.7215, 0.7200, and 0.7160
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
NZD/USD hit our downside take profit target as predicted. The pair is expected to continue the downside movement today as well. The pair recorded lower tops and lower bottoms since June 19 that confirmed a negative outlook. The declining 20-period and 50-period moving averages are playing resistance roles. The relative strength index is below its oversold level of 30, but has not displayed any reversal signal yet.
Hence, as long as 0.7255 holds on the upside, we expect a further weakness to 0.7215 and even to 0.7200 in extension.
Strategy: SELL. Stop Loss: 0.7275. Take Profit: 0.7215
Chart Explanation: The black line shows the pivot point. Currently, the price is above the pivot point which indicates the bullish position. If it is below the pivot points, it indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7300, 0.7320, and 0.7355
Support levels: 0.7215, 0.7200, and 0.7160
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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