NZD/USD: technical analysis 15.01.20

Current trend

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.

Alternative scenario

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

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.

Trading recommendations

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.

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