Technical analysis of NZD/USD for September 22, 2017

NZDUSDM30.png

We will retain our yesterday's technical levels. The pair is still under pressure and is trading below its declining 20-period and 50-period moving averages, which play resistance roles and maintain the downside bias. The relative strength index is bearish and calls for a further drop.

To conclude, as long as 0.7360 is not surpassed, a new test to 0.7275 and even to 0.7245 seems more likely to occur.

The black line is showing the pivot point. Currently, the price is above the pivot point, which indicates long positions. If it remains below the pivot point, it will indicate short positions. The red lines is showing the support levels and the green line is indicating the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.7390, 0.7410, and 0.7455

Support levels: 0.7275, 0.7245, and 0.7180

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