Technical analysis of NZD/USD for July 3, 2017

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NZD/USD is consolidating and expected to trade in a lower range. The pair stays below its resistance at 0.734 and remains in a bearish channel. The 20-period moving average is still below the 50-period moving average, which should also maintain a bearish bias. And the relative strength index is around its neutrality area at 50, lacking upward momentum.

As long as 0.7345 holds as the key resistance, the risk of a break below 0..7290 remains high. A break below this level may allow for a further drop to 0.7275.

Strategy: SELL Stop Loss: 0.7345. Take Profit: 0.72590

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: 0.7360, 0.7375, and 0.7405

Support levels: 0.7290, 0.7275, and 0.7255

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