Ichimoku indicator analysis of NZD/USD for June 28, 2017

The price action here is very bearish. Technically we have a fake breakout and rejection. Bearish divergence signs. Reversal candle formations.


In the 4-hour chart, the price has broken below both the tenkan- and kijun-sen indicators and is going to test the Ichimoku cloud support. Both RSI indicators have provided bearish divergence signals. Support is at 0.7240.


Red lines - bearish channel

The NZDUSD has made a false break out above the upper channel boundary and is turning downwards. I expect a deep pull back for this pair at least towards 0.7165 as the price is already trading below the tenkan-sen.

The material has been provided by InstaForex Company - www.instaforex.com