NZD/USD: technical analysis 13.03.2019
On 4-hour chart, NZD/USD is in the stage of downward correction. The main target of the correction is the level of 0.6820, which is the middle line of Bollinger Bands. The downward trend will be restored after the price is set below the level of 0.6820. In this case, the next targets of sellers will be the area of 0.6805 (Murray [3/8]) – 0.6774 (Murray [2/8]). Alternatively, breakout of 0.6866 (Murray [5/8]) can accelerate the pair towards 0.6897 (Murray [6/8]) – 0.6927 (Murray [7/8]). Probably, any attempted recovery seems more likely to get sold into aggressively near the 0.6897 region. Technical indicators mostly keep a sell signal. MACD volumes are decreasing in the positive zone. Stochastic is pointed downwards. Bollinger Bands are converging, reflecting the relative calmness of the markets.
Support and resistance
Support levels: 0.6835, 0.6805, 0.6774, 0.6744.
Resistance levels: 0.6866, 0.6897, 0.6927, 0.6958.
Short positions can be opened below the level of 0.6835 with the target at around 0.6805-0.6774 and stop-loss 0.6855.
Long positions can be opened above the level of 0.6866 with the target at around 0.6897-0.6927 and stop-loss 0.6846.