NZD/USD: technical analysis 09.09.2019

NZD/USD: technical analysis 09.09.2019

Current trend

The NZDUSD pair begins today’s trading with slight bullish bias but reaching 0.64188 mark moved to a decline. If the current trend maintains the next targets of sellers will be the level of 0.64087 (Murray [6/8]). This level can prevent the instrument from falling, as the possibility of the reverse of the price is high there. Meanwhile, pair’s sustained trading below the 0.64087 can lead the price to the 0.63846 mark, which coincided with the middle line of Bollinger Bands.
Alternative scenario. The upward trend will be restored after the price is set above the level of 0.64392 (Murray [7/8]). In this case, the buyers will aim for the area of 0.64586-0.64697 (Murray [8/8]). Technical indicators mostly keep a buy signal, but the downward correction is possible in the short term. Bollinger Bands are pointed upwards. MACD histogram is in the positive zone keeping a signal for the opening of buy positions. Stochastic is pointed downwards, reflecting the high possibility of the downward movement formation.

Support and resistance

Support levels: 0.64087, 0.63846, 0.63477.
Resistance levels: 0.64392, 0.64586, 0.64697.

Trading recommendations

Long positions can be opened above the level of 0.64392 with the target at around 0.63660-0.63782 and stop-loss 0.64290.
Short positions can be opened below the level of 0.64087 with the target at around 0.63846 and stop-loss 0.64167.