NZD/USD: technical analysis
05 August 2019, 11:33
| Scenario | |
|---|---|
| Timeframe | Weekly |
| Recommendation | SELL STOP |
| Entry Point | 0.6485 |
| Take Profit | 0.6425, 0.6350 |
| Stop Loss | 0.6520 |
| Key Levels | 0.6350, 0.6425, 0.6485, 0.6520, 0.6555, 0.6610 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 0.6555 |
| Take Profit | 0.6610 |
| Stop Loss | 0.6520 |
| Key Levels | 0.6350, 0.6425, 0.6485, 0.6520, 0.6555, 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 testing the border of the oversold zone, having formed a Bullish divergence with the price. The Composite is showing similar dynamics.
NZD/USD, D1
On the daily chart, the pair is trading on the lower line of the Bollinger Bands. The price remains below its moving averages that are turning down. The RSI is testing the border of the oversold zone. The Composite has reached its critical oversold levels.
Key levels
Support levels: 0.6485 (May lows), 0.6425 (October 2018 lows), 0.6350 (January 2016 lows).
Resistance levels: 0.6520 (local highs), 0.6555 (local highs), 0.6610 (local highs).
Trading tips
The price is testing its local support near 0.6485. Its breakdown would lead to a fall continuation.
Short positions can be opened from the level of 0.6485 with targets at 0.6425, 0.6350 and stop-loss at 0.6520. Validity – 3-5 days.
Long positions can be opened from the level of 0.6555 with the target at 0.6610 and stop-loss at 0.6520. 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 testing the border of the oversold zone, having formed a Bullish divergence with the price. The Composite is showing similar dynamics.
NZD/USD, D1
On the daily chart, the pair is trading on the lower line of the Bollinger Bands. The price remains below its moving averages that are turning down. The RSI is testing the border of the oversold zone. The Composite has reached its critical oversold levels.
Key levels
Support levels: 0.6485 (May lows), 0.6425 (October 2018 lows), 0.6350 (January 2016 lows).
Resistance levels: 0.6520 (local highs), 0.6555 (local highs), 0.6610 (local highs).
Trading tips
The price is testing its local support near 0.6485. Its breakdown would lead to a fall continuation.
Short positions can be opened from the level of 0.6485 with targets at 0.6425, 0.6350 and stop-loss at 0.6520. Validity – 3-5 days.
Long positions can be opened from the level of 0.6555 with the target at 0.6610 and stop-loss at 0.6520. Validity – 3-5 days.
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