NZD/USD: technical analysis
15 May 2018, 11:29
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | BUY |
| Entry Point | 0.6916 |
| Take Profit | 0.6975, 0.6990, 0.7030 |
| Stop Loss | 0.6885 |
| Key Levels | 0.6700, 0.6800, 0.6885, 0.6975, 0.6990, 0.7030 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 0.6800 |
| Take Profit | 0.6700 |
| Stop Loss | 0.6840 |
| Key Levels | 0.6700, 0.6800, 0.6885, 0.6975, 0.6990, 0.7030 |
NZD/USD, D1
On the daily chart, the pair is trading in the lower Bollinger band. The price remains below its moving averages that start turning down. The RSI keeps falling, having entered the oversold zone. The Composite is falling as well, having failed its longer MA.
NZD/USD, H4
On the 4-hour chart, the pair is trading on the lower line of the Bollinger Bands. The price remains below its moving averages that are directed down. The RSI keeps testing the border of the oversold zone. The Composite is turning up as well, having tested its quite strong support.
Key levels
Support levels: 0.6885 (local lows), 0.6800 (November 2017 lows), 0.6700 (May 2016 lows).
Resistance levels: 0.6975 (local highs), 0.6990 (local highs), 0.7030 (local highs).
Trading tips
The price is testing its long-term ascending trendline. There is a chance of an upward rebound.
Long positions can be opened from current prices with targets at 0.6975, 0.6990, 0.7030 and stop-loss at 0.6885. Validity – 3-5 days.
Short positions can be opened from the level of 0.6800 with the target at 0.6700 and stop-loss at 0.6840. Validity – 3-5 days.
On the daily chart, the pair is trading in the lower Bollinger band. The price remains below its moving averages that start turning down. The RSI keeps falling, having entered the oversold zone. The Composite is falling as well, having failed its longer MA.
NZD/USD, H4
On the 4-hour chart, the pair is trading on the lower line of the Bollinger Bands. The price remains below its moving averages that are directed down. The RSI keeps testing the border of the oversold zone. The Composite is turning up as well, having tested its quite strong support.
Key levels
Support levels: 0.6885 (local lows), 0.6800 (November 2017 lows), 0.6700 (May 2016 lows).
Resistance levels: 0.6975 (local highs), 0.6990 (local highs), 0.7030 (local highs).
Trading tips
The price is testing its long-term ascending trendline. There is a chance of an upward rebound.
Long positions can be opened from current prices with targets at 0.6975, 0.6990, 0.7030 and stop-loss at 0.6885. Validity – 3-5 days.
Short positions can be opened from the level of 0.6800 with the target at 0.6700 and stop-loss at 0.6840. Validity – 3-5 days.
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