Technical analysis of NZD/USD for February 8, 2018
February 8, 2018 6:21 am
NZD/USD is under pressure and expected to move further downward. The pair accelerated on the downside. The downward momentum is further reinforced by both declining 20-period and 50-period moving averages. The relative strength index calls for a drop.
Hence, as long as 0.7270 is not surpassed, look for a further decline with targets at 0.7160 and 0.7120 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: 0.7320, 0.7350, and 0.7380.
Support levels: 0.7160, 0.7120, and 0.7100.
The material has been provided by InstaForex Company – www.instaforex.com
NZD/USD is under pressure and expected to move further downward. The pair accelerated on the downside. The downward momentum is further reinforced by both declining 20-period and 50-period moving averages. The relative strength index calls for a drop.
Hence, as long as 0.7270 is not surpassed, look for a further decline with targets at 0.7160 and 0.7120 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: 0.7320, 0.7350, and 0.7380.
Support levels: 0.7160, 0.7120, and 0.7100.
The material has been provided by InstaForex Company – www.instaforex.com
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