NZD/USD: technical analysis

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10/11/2018

NZD/USD, D1

On D1 chart, the instrument is trading near the lower border of Bollinger Bands, the downward trend is still in force, and the price range is extended. MACD histogram is in the negative zone building up volumes; the signal line is crossing its body from above, which is the signal for the opening of short orders. Stochastic is preparing to leave the oversold zone, forming a signal for opening long orders.

NZD/USD, H4

On the H4 chart, a correction of downward movement is observed, the instrument is traded near the upper border of Bollinger Bands, the price range is narrowing. MACD histogram is in the negative zone keeping a weak signal for the opening of short positions. Stochastic is in the neutral zone, and the lines of the oscillator are directed upwards.

Key levels

Support levels: 0.6457, 0.6440, 0.6425.

Resistance levels: 0.6495, 0.6537, 0.6572, 0.6612, 0.6645, 0.6698.

Trading tips

Short positions may be opened from the level of 0.6450 with the target at 0.6400 and stop loss at 0.6480.

Long positions may be opened from 0.6500 with the target at 0.6550 and stop loss at 0.6470.

Implementation time: 2-5 days.

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