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NZD/USD: technical analysis 01.05.20

Current trend

The NZD/USD pair begins today’s trading with a bearish bias. At the moment the price has met the support at the level of 0.60845, which coincided with the middle line of Bollinger Bands. This level can activate an upward rebound. However, its breakdown will be a signal of the downward trend resumption and give a prospect of decline to the area of 0.60500.

Alternative scenario

The upward rebound from 0.60845 and pullback above 0.61035 will be a sign of the upward correction formation and let the price grow to the area of 0.61256. The breakout of this level will confirm the upward correction potential and give a prospect of growth to the area of 0.61515.

Technical indicators

Technical indicators maintain a sell signal.

Bollinger Bands are converging on the background of bearish momentum.

MACD volumes are decreasing in the positive zone.

Stochastic’s lines are pointed downwards and are reaching the oversold area.

Support and resistance

Support levels: 0.60845, 0.60500, 0.60200.
Resistance levels: 0.61035, 0.61256, 0.61515.

Trading recommendations

Short positions can be opened below the level of 0.60845 with the target at around 0.60500 and stop-loss at 0.60950.
Long positions can be opened above the level of 0.61035 with the target at around 0.61256-0.61300 and stop-loss at 0.60946.

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