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NZD/USD: technical analysis 07.01.20

Current trend

Today NZD/USD price is moderately growing and is now testing the resistance level of 0.66780.
This mark is coincided with the middle line of Bollinger Bands and can activate a downward rebound. Meanwhile, the breakout and pair’s sustained trading above this level will be a signal for upward trend resumption and give a prospect of growth to the area of 0.66910-0.67139.

Alternative scenario

The downward rebound from 0.66833 resistance and pullback below 0.66681 could lead the price back to 0.66528 level. It’s an important line of support to watch in the short term period. There is a chance of an upward rebound, while its breakdown would push NZD/USD even lover towards the area of 0.66376-0.66223.

Technical indicators

The technical picture is mixed.

Bollinger Bands are converging on the background of bullish momentum.

MACD is decreasing in the negative zone.

Stochastic’s lines are pointed upwards and are reaching the overbought area.

Support and resistance

Support levels: 0.66528, 0.66376, 0.66223.
Resistance levels: 0.66833, 0.66910, 0.67139.

Trading recommendations

Short positions can be opened below the level of 0.66528 with the target at around 0.66376-0.66223 and stop-loss at 0.66629.
Long positions can be opened above the level of 0.66833 with the target at around 0.66910-0.67139 and stop-loss at 0.66731.

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