NZD/USD is under pressure and expected to continue its downside movement.The pair is turning down now, and remains under pressure below its nearest resistance at 0.7295. Both the falling 20-period and 50-period moving averages act as strong resistance roles, and should continue to push the prices lower. Besides, the relative strength index is negative below its neutrality area at 50. To conclude, as long as 0.7295 isn’t surpassed, it’s likely decline to 0.7220 and 0.7195 in extension.
Chart Explanation: The black line shows the pivot point. Currently, the price is above the pivot point which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines show the support levels, while the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7320, 0.7345, and 0.7385.
Support levels: 0.7220, 0.7195, and 0.7145.
The material has been provided by InstaForex Company – www.instaforex.com
NZD/USD is under pressure and expected to continue its downside movement.The pair is turning down now, and remains under pressure below its nearest resistance at 0.7295. Both the falling 20-period and 50-period moving averages act as strong resistance roles, and should continue to push the prices lower. Besides, the relative strength index is negative below its neutrality area at 50. To conclude, as long as 0.7295 isn’t surpassed, it’s likely decline to 0.7220 and 0.7195 in extension.
Chart Explanation: The black line shows the pivot point. Currently, the price is above the pivot point which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines show the support levels, while the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7320, 0.7345, and 0.7385.
Support levels: 0.7220, 0.7195, and 0.7145.
The material has been provided by InstaForex Company – www.instaforex.com
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