NZD/USD: technical analysis
31 May 2019, 10:56
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | BUY STOP |
| Entry Point | 0.6521 |
| Take Profit | 0.6580, 0.6610 |
| Stop Loss | 0.6485 |
| Key Levels | 0.6370, 0.6425, 0.6485, 0.6555, 0.6580, 0.6610 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 0.6485 |
| Take Profit | 0.6425, 0.6370 |
| Stop Loss | 0.6515 |
| Key Levels | 0.6370, 0.6425, 0.6485, 0.6555, 0.6580, 0.6610 |
NZD/USD, H4
On the 4-hour chart, the pair is trading in the lower Bollinger band. The price remains below its moving averages that are directed down. The RSI is about to retest from below its longer MA. The Composite is testing its longer MA as well, having formed a Bullish divergence with the price.
NZD/USD, D1
On the daily chart, the pair is trading in the lower Bollinger band. The price remains below its moving averages that are directed down. The RSI is testing from above its longer MA, having left the oversold zone. The Composite is showing similar dynamics.
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Key levels
Support levels: 0.6485 (local lows), 0.6425 (October 2018 lows), 0.6370 (January 2016 lows).
Resistance levels: 0.6555 (local highs), 0.6580 (April lows), 0.6610 (local highs).
Trading tips
The price has retested from above its previous descending trendline. The growth could continue.
Long positions can be opened from current prices with targets at 0.6555, 0.6580, 0.6610 and stop-loss at 0.6485. Validity – 3-5 days.
Short positions can be opened from the level of 0.6485 with targets at 0.6425, 0.6370 and stop-loss at 0.6515. Validity – 3-5 days.
On the 4-hour chart, the pair is trading in the lower Bollinger band. The price remains below its moving averages that are directed down. The RSI is about to retest from below its longer MA. The Composite is testing its longer MA as well, having formed a Bullish divergence with the price.
NZD/USD, D1
On the daily chart, the pair is trading in the lower Bollinger band. The price remains below its moving averages that are directed down. The RSI is testing from above its longer MA, having left the oversold zone. The Composite is showing similar dynamics.
Key levels
Support levels: 0.6485 (local lows), 0.6425 (October 2018 lows), 0.6370 (January 2016 lows).
Resistance levels: 0.6555 (local highs), 0.6580 (April lows), 0.6610 (local highs).
Trading tips
The price has retested from above its previous descending trendline. The growth could continue.
Long positions can be opened from current prices with targets at 0.6555, 0.6580, 0.6610 and stop-loss at 0.6485. Validity – 3-5 days.
Short positions can be opened from the level of 0.6485 with targets at 0.6425, 0.6370 and stop-loss at 0.6515. Validity – 3-5 days.
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