Technical analysis of NZD/USD for August 24, 2017

NZDUSDM30.png

NZD/USD is under pressure and expected to continue its downside movement. The pair failed to break above its key resistance at 0.7235 and consolidated on the downside. The declining 20-period moving average crossed below the 50-period one, which is a negative signal. The relative strength index is below its neutrality level at 50 and lacks upward momentum.

As long as 0.7235 holds on the upside, look for a further drop towards 0.7170 and even 0.7145 in extension.

The black line shows the pivot point. Currently, the price is above the pivot point which indicates the bullish position. If it remains below the pivot point, it will indicate 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: 0.7255, 0.7280, and 0.7315

Support levels: 0.7170, 0.7145, and 0.7100

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