Technical analysis of NZD/USD for April 24, 2018

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Overview:

The NZD/USD pair has dropped sharply from the level of 0.7302 towards 0.7101. Now, the price is set at 0.7126. Also, it should be noted that the price of 0.7154 acts as a daily pivot point, and volatility is very high for that the NZD/USD pair is still moving between 0.7209 and 0.7101 in coming hours. Furthermore, the price has been set below the strong resistance at the levels of 0.7209 and 0.7259, which coincides with the 23.6% and 50% Fibonacci retracement level respectively. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the NZD/USD pair is continuing in a bearish trend from the new resistance of 0.7152/0.7209. Thereupon, the price spot of 0.7152/0.7209 remains a significant resistance zone. Therefore, a possibility that the NZD/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 0.7152, sell below 0.7152 or 0.7209 with the first targets at 0.7068 and 0.7035. However, the stop loss should be located above the level of 0.7302.

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