NZD/USD: technical analysis
06 June 2019, 11:18
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 0.6595 |
| Take Profit | 0.6530, 0.6500 |
| Stop Loss | 0.6615 |
| Key Levels | 0.6500, 0.6530, 0.6595, 0.6650, 0.6680, 0.6760 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 0.6680 |
| Take Profit | 0.6760 |
| Stop Loss | 0.6650 |
| Key Levels | 0.6500, 0.6530, 0.6595, 0.6650, 0.6680, 0.6760 |
NZD/USD, H4
On the 4-hour chart, the pair is trading in the upper Bollinger band. The price remains above its moving averages that start turning up. The RSI is falling, having left the overbought zone. The Composite is breaking down its longer MA, having formed a Bearish divergence with the price.
NZD/USD, D1
On the daily chart, the pair is trading on the upper line of the Bollinger Bands. The price remains just below the EMA65, EMA130 and SMA200 that are directed down. The RSI is approaching the border of the overbought zone. The Composite is testing its quite strong resistance.
Key levels
Support levels: 0.6595 (local lows), 0.6530 (local lows), 0.6500 (September 2018 lows).
Resistance levels: 0.6650 (local highs), 0.6680 (local highs), 0.6760 (local highs).
Trading tips
There is a chance of a downward correction.
Short positions can be opened from the level of 0.6595 with targets at 0.6530, 0.6500 and stop-loss at 0.6615. Validity – 3-5 days.
Long positions can be opened from the level of 0.6680 with the target at 0.6760 and stop-loss at 0.6650. Validity – 3-5 days.
On the 4-hour chart, the pair is trading in the upper Bollinger band. The price remains above its moving averages that start turning up. The RSI is falling, having left the overbought zone. The Composite is breaking down its longer MA, having formed a Bearish divergence with the price.
NZD/USD, D1
On the daily chart, the pair is trading on the upper line of the Bollinger Bands. The price remains just below the EMA65, EMA130 and SMA200 that are directed down. The RSI is approaching the border of the overbought zone. The Composite is testing its quite strong resistance.
Key levels
Support levels: 0.6595 (local lows), 0.6530 (local lows), 0.6500 (September 2018 lows).
Resistance levels: 0.6650 (local highs), 0.6680 (local highs), 0.6760 (local highs).
Trading tips
There is a chance of a downward correction.
Short positions can be opened from the level of 0.6595 with targets at 0.6530, 0.6500 and stop-loss at 0.6615. Validity – 3-5 days.
Long positions can be opened from the level of 0.6680 with the target at 0.6760 and stop-loss at 0.6650. Validity – 3-5 days.
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