Technical analysis of NZD/USD for August 07, 2017

NZDUSDM30.png

NZD/USD is expected to trade in lower range. The pair is under pressure below its key resistance at 0.7420, which should limit the upside potential. The downward momentum is further reinforced by the 50-period moving average. The relative strength index is below its neutrality level at 50. Therefore, as long as 0.7420 is not surpassed, look for a further decline to 0.7330 and even to 0.7305 in extension.

Strategy: SELL Stop Loss: 0.7420 Take Profit: 0.7330

Chart Explanation:

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: 0.7455, 0.7495, and 0.7525

Support levels: 0.7330, 0.7305, and 0.7300

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