NZD/USD: technical analysis
10 August 2018, 13:40
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL |
| Entry Point | 0.6599 |
| Take Profit | 0.6500 |
| Stop Loss | 0.6600 |
| Key Levels | 0.6225, 0.6344, 0.6426, 0.6500, 0.6572, 0.6639, 0.6690, 0.6715, 0.6745, 0.6800, 0.6850, 0.6880 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 0.6650 |
| Take Profit | 0.6745 |
| Stop Loss | 0.6600 |
| Key Levels | 0.6225, 0.6344, 0.6426, 0.6500, 0.6572, 0.6639, 0.6690, 0.6715, 0.6745, 0.6800, 0.6850, 0.6880 |
NZD/USD, D1
On the D1 chart the instrument broke through the bottom line of Bollinger Bands, continuing the decline; the price range is expanded. MACD histogram is in the negative zone, its volumes are increasing, and the signal line is reversing downwards. Stochastic is in the oversold zone and is directed horizontally.
NZD/USD, H4
On the H4 chart, the instrument is declining along the bottom line of Bollinger Bands; the price range is widened, which indicates a possible continuation of the downtrend. MACD histogram is in the negative zone, the signal line is crossing the body of the histogram from above forming a signal for opening short positions. Stochastic is in the oversold zone and the signal line is reversing upwards.
Key levels
Resistance levels: 0.6639, 0.6690, 0.6715, 0.6745, 0.6800, 0.6850, 0.6880.
Support levels: 0.6572, 0.6500, 0.6426, 0.6344, 0.6225.
Trading tips
According to technical indicators, short positions could be opened from the current level with target at 0.6500 and stop loss at 0.6600.
Long positions may be opened from the level of 0.6650 with target at 0.6745. Stop loss — 0.6600.
Implementation period: 2-5 days.
On the D1 chart the instrument broke through the bottom line of Bollinger Bands, continuing the decline; the price range is expanded. MACD histogram is in the negative zone, its volumes are increasing, and the signal line is reversing downwards. Stochastic is in the oversold zone and is directed horizontally.
NZD/USD, H4
On the H4 chart, the instrument is declining along the bottom line of Bollinger Bands; the price range is widened, which indicates a possible continuation of the downtrend. MACD histogram is in the negative zone, the signal line is crossing the body of the histogram from above forming a signal for opening short positions. Stochastic is in the oversold zone and the signal line is reversing upwards.
Key levels
Resistance levels: 0.6639, 0.6690, 0.6715, 0.6745, 0.6800, 0.6850, 0.6880.
Support levels: 0.6572, 0.6500, 0.6426, 0.6344, 0.6225.
Trading tips
According to technical indicators, short positions could be opened from the current level with target at 0.6500 and stop loss at 0.6600.
Long positions may be opened from the level of 0.6650 with target at 0.6745. Stop loss — 0.6600.
Implementation period: 2-5 days.
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