Technical analysis of NZD/USD for June 28, 2017

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NZD/USD is expected to trade in a lower range. Although the pair posted a rebound, it is still trading below the declining 50-period moving average, which plays a resistance role and maintains the downside bias. The relative strength index is below its neutrality level at 50.

To conclude, as long as 0.7320 is not surpassed, look for a new drop to 0.7240 and even to 0.7210 in extension.

Strategy: SELL Stop Loss: 0.7320. Take Profit: 0.7240

Chart Explanation: The black line shows the pivot point. Currently, the price is above the pivot point which indicates the bullish position. If it is below the pivot points, it indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.7350, 0.7375, and 0.7405

Support levels: 0.7240, 0.7210, and 0.7170

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