NZD/USD, D1

On the daily chart, the pair is trading in the lower Bollinger band. The price remains just above the EMA65, EMA130 and SMA200 that are horizontal. The RSI turned down having failed its longer MA. The Composite, however, is growing.

NZD/USD, H4

On the 4-hour chart, the pair is trading just below the middle MA of Bollinger Bands. The price remains below the EMA14, EMA65 and EMA130 but above the SMA200 that turned horizontally. The RSI is about to test its longer MA. The Composite is falling having broken down its longer MA.


Key levels

Support levels: 0.7174 (local lows), 0.7054 (April 2016 high), 0.6983 (November 2016 lows).

Resistance levels: 0.7254 (61.8% Fibonacci retracement), 0.7315 (July 2016 highs), 0.7332 (local highs).


Trading tips

The price seems to have formed a new descending channel having bounced off its upper border. The fall could continue.

Short positions can be opened after the price rebound from the level of 0.7220 with targets at 0.7174, 0.7054 and stop-loss at 0.7254. Validity – 3-5 days.

Long positions can be opened from the level of 0.7254 with targets at 0.7315, 0.7332 and stop-loss at 0.7235. Validity – 3-5 days.

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