NZD/USD is under pressure. The pair is trading in a lower range, and is likely to test the next support at 0.6885 in the coming trading hours. A bearish cross has been identified between the 20-period and 50-period moving averages (a negative signal). Last but not least, the relative strength index is below its neutrality area at 50. In which case, as long as 0.6950 is not surpassed, look for a new pullback towards 0.6885.
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: 0.6975, 0.7000, and 0.7040
Support levels: 0.6885, 0.6860, and 0.6825
The material has been provided by InstaForex Company – www.instaforex.com
NZD/USD is under pressure. The pair is trading in a lower range, and is likely to test the next support at 0.6885 in the coming trading hours. A bearish cross has been identified between the 20-period and 50-period moving averages (a negative signal). Last but not least, the relative strength index is below its neutrality area at 50. In which case, as long as 0.6950 is not surpassed, look for a new pullback towards 0.6885.
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: 0.6975, 0.7000, and 0.7040
Support levels: 0.6885, 0.6860, and 0.6825
The material has been provided by InstaForex Company – www.instaforex.com
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