Technical analysis of NZD/USD for February 2, 2018
February 2, 2018 7:21 am
NZD/USD is expected to trade with bearish outlook. The pair remains under pressure below its key resistance at 0.7400, and it is also capped by its falling 20-period and 50-period moving averages. The relative strength index is bearish below its neutrality area at 50.
Hence, as long as 0.7400 is a resistance, look for a further decline to 0.7330 and 0.7300 in extension.
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: 0.7420, 0.7440, and 0.7470.
Support levels: 0.7330, 0.7300, and 0.7260.
The material has been provided by InstaForex Company – www.instaforex.com
NZD/USD is expected to trade with bearish outlook. The pair remains under pressure below its key resistance at 0.7400, and it is also capped by its falling 20-period and 50-period moving averages. The relative strength index is bearish below its neutrality area at 50.
Hence, as long as 0.7400 is a resistance, look for a further decline to 0.7330 and 0.7300 in extension.
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: 0.7420, 0.7440, and 0.7470.
Support levels: 0.7330, 0.7300, and 0.7260.
The material has been provided by InstaForex Company – www.instaforex.com
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