NZD/USD: technical analysis 23.05.2019

NZD/USD: technical analysis 23.05.2019

Current trend

On the 4-hour chart, the instrument is falling along the lower line of the Bollinger Bands. Now the price is slightly corrected upwards, but the downward trend still maintains. The first target of the correction is the level of 0.6515 (Murray [3/8]), which corresponds to the middle line of Bollinger Bands. The level of 0.6500 might offer intermediate halt during the raise to correction’s target. The downward trend will be restored after the price is set below the level of 0.6485 (Murray [1/8]). In this case, the next targets of sellers will be the area of 0.6469 (Murray [0/8])-0.6439 (Murray [-2/8]). Technical indicators maintain a sell signal. 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 area and is pointed sideways.

Support and resistance

Support levels: 0.6485, 0.6469, 0.6454, 0.6439.
Resistance levels: 0.6500, 0.6515, 0.6530, 0.6546.

Trading recommendations

Short positions can be opened below the level of 0.6485 with the target at around 0.6469-0.6439 and stop-loss 0.6503.
Long positions can be above the level of 0.6500 with the target at around 0.6515, 0.6530 and stop-loss 0.6490.