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NZD/USD: technical analysis 02.10.2019

Current trend

NZD/USD quotes attempted to grow, but reaching 0.63477 (Murray [4/8]) mark moved to a decline. If the sellers manage to decline the rate below the level of 0.63171, the correction can continue to the area of 0.62866 (Murray [2/8]), which coincided with the middle line of Bollinger Bands. There is a high chance of an upward rebound, while its breakdown would allow the fall to continue to the level of 0.62711-0.62561 (Murray [1/8]). The upward trend will be restored after the price is set above the level of 0.63477. In this case, the next targets of buyers will be the level of 0.63614-0.63782 (Murray [5/8]). The technical picture is mixed. Bollinger Bands are diverging on the background of bullish momentum. The volumes of MACD histogram are slowly growing in the positive zone. Stochastic has left the overbought area and is pointed downwards, reflecting the high possibility of the downward movement formation.

Support and resistance

Support levels: 0.63171, 0.62866, 0.62711, 0.62561.
Resistance levels: 0.63477, 0.63614, 0.63782.

Trading recommendations

Short positions can be opened below the level of 0.63171 with the target at around 0.62686 and stop-loss 0.63272.
Long positions can be opened above the level of 0.63477 with the target at around 0.63614-0.63782 and stop-loss 0.63375.

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