NZD/USD: technical analysis 14.06.2019

NZD/USD: technical analysis 14.06.2019

Current trend

On the 4-hour chart, the instrument is falling along the lower line of the Bollinger Bands. The instrument is now testing the support level of 0.6530 (Murray [2/8]). If the current trend maintains, the next targets of sellers will be the level of 0.6500 (Murray [1/8]). The level of 0.6500 seem tough support as break of which can diver market to 0.6469 (Murray [0/8]) support zone. Alternatively, pullback above the 0.6543 level will let the price to grow to the area of 0.6561 (Murray [3/8])-0.6570 (middle line of Bollinger Bands). The upward trend will be restored after the price is set above the level of 0.6561. In this case, the buyers sellers will aim for the level of 0.6591 (Murray [4/8]) resistance zone. Technical indicators reflect the moderate maintenance of the current downward trend. Bollinger Bands are pointed downwards. MACD histogram is in the negative zone keeping a signal for the opening of sell positions. Stochastic is in the oversold zone and is pointed downwards.

Support and resistance

Support levels: 0.6530, 0.6500, 0.6469.
Resistance levels: 0.6561, 0.6591, 0.6622.

Trading recommendations

Short positions can be opened below the level of 0.6530 with the target at around 0.6500 and stop-loss 0.6540.
Long positions can be above the level of 0.6561 with the target at around 0.6591 and stop-loss 0.6551.