NZD/USD: Murray analysis 02 April 2018, 14:27

NZD/USD: Murray analysis

02 April 2018, 14:27

Scenario
Timeframe	Intraday
Recommendation	BUY STOP
Entry Point	0.7270
Take Profit	0.7324, 0.7385
Stop Loss	0.7235
Key Levels	0.7019, 0.7080, 0.7200, 0.7263, 0.7324, 0.7385

Alternative scenario
Recommendation	SELL STOP
Entry Point	0.7160
Take Profit	0.7080, 0.7019
Stop Loss	0.7200
Key Levels	0.7019, 0.7080, 0.7200, 0.7263, 0.7324, 0.7385

On D1 chart, the price tested the 0.7200 mark ([6/8]). This level is seen as key for "bears", as unsuccessful attempts to overcome it continue since February.
Currently, the price is growing again, tending to the level of 0.7263 ([7/8], the midline of Bollinger Bands), and at its breakout quotes may reach the levels of 0.7324 ([8/8], the upper border of Bollinger Bands) and 0.7385 ([+1/8]). The probability of growth is confirmed by Stochastic reversing upwards. Continuation of the decline to the levels of 0.7080 ([4/8]) and 0.7019 ([3/8]) will be possible only if the instrument is consolidated below the 0.7200 mark.
Support and resistance
Support levels: 0.7200 ([6/8]), 0.7080 ([4/8]), 0.7019 ([3/8]).
Resistance levels: 0.7263 ([7/8]), 0.7324 ([8/8]), 0.7385 ([+1/8]).

Trading tips
Long positions may be opened above the level of 0.7263 with targets at 0.7324, 0.7385 and stop-loss at 0.7235 mark.
Short positions may be opened from the level of 0.7160 with targets at 0.7080, 0.7019 and stop-loss at 0.7200 mark.