NZD/USD: technical analysis 12.08.2019

NZD/USD: technical analysis 12.08.2019

Current trend

The NZD/USD pair begins today’s trading with slight bullish bias. The price went up above the level of middle line of Bollinger Bands (0.64600) and can grow further to the levels of 0.65002 (Murray [5/8]). Meanwhile, the resistance level 0.64697 can offer intermediate halt during the raise to 0.65002 mark. If the “bulls” manage to raise the rate above the level of 0.65002, the raise can continue to the area of level 0.65308. The downward trend will be restored after the price is set below the level of 0.64570. In this case, the next targets of sellers will be the area of levels 0.64480-0.64392 (Murray [3/8]). A significant decrease is possible after the breakout of the level 0.64392, which can develop to the level of 0.64246. The technical picture is mixed. Bollinger Bands are converging on the background of sideway trend. MACD volumes are slowly decreasing in the negative zone. Stochastic is pointed upwards, reflecting the development of the upward trend.

Support and resistance

Support levels: 0.64570, 0.64480, 0.64392.
Resistance levels: 0.64746, 0.65002, 0.65308.

Trading recommendations

Short positions can be opened below the level of 0.64570 with the target at around 0.64480-0.64392 and stop-loss 0.64629.
Long positions can be opened above the level of 0.65002 with the target at around 0.65308 and stop-loss 0.64900.