NZD/USD: technical analysis 11.02.2019

NZD/USD: technical analysis 11.02.2019

Current trend

NZD/USD is in the stage of upward correction after falling to the level of 0.6728, but is yet to cross the 0.6774, which coincided with the middle line of Bollinger Bands. On the H4 chart, the pair is still trading in a bear trend. Pullbacks below 0.6713 (Murray [0/8]) will let the price fall to the area of 0.6683 (Murray [-1/8])-0.6652 (Murray [-2/8]).
The upward trend will be restored after the price is set above the level of 0.6774 (Murray [2/8]). In this case, the next targets of buyers will be the area of 0.6805 (Murray [3/8]) – 0.6835 (Murray [4/8]). Technical indicators mostly reflect the moderate maintenance of the current downward trend. Bollinger Bands and Stochastic are slightly leaned downwards. MACD histogram is in the negative zone keeping a signal for the opening of sell positions.

Support and resistance

Support levels: 0.6744, 0.6713, 0.6683, 0.6652.

Resistance levels: 0.6774, 0.6805, 0.6835, 0.6866.

Trading recommendations

Short positions can be opened below the level of 0.6713 with the target at around 0.6683-0.6652 and stop-loss 0.6730.

Long positions can be opened above the level of 0.6774 with the target at around 0.6805-0.6835 and stop-loss 0.6755.