NZD/USD: technical analysis 15.01.20
On the 4-hour chart, the instrument keeps a moderate downward dynamic. Now the price has met the support at the level of 0.66024. The breakdown of this mark will be a signal for downward trend resumption and let the price decline to 0.65918 support. This level will be a key line for the sellers. There is a chance of an upward rebound, while its breakdown would allow the fall to continue to the 0.65741- 0.65613 area.
If the "bulls" manage to raise the rate above the level of 0.66223 level ( the middle line of Bollinger Bands), the correction can continue to the area of 0.66400-0.66528. Significant growth is possible after the breakout of the level 0.66583. In this case, the next targets of sellers will be the level of 0.66833.
Technical indicators mostly maintain a sell signal.
Bollinger Bands are pointed sideways.
MACD is growing in the negative zone.
Stochastic’s lines are pointed downwards and are reaching the oversold area.
Support and resistance
Support levels: 0.65918, 0.65613, 0.65308.
Resistance levels: 0.66223, 0.66528, 0.66833.
Short positions can be opened below the level of 0.65918 with the target at around 0.65613 and stop-loss at 0.66013.
Long positions can be opened above the level of 0.66223 with the target at around 0.66528 and stop-loss at 0.66123.