NZD/USD: technical analysis 18.07.2019

NZD/USD: technical analysis 18.07.2019

Current trend

The NZD/USD pair begins today’s trading with bullish bias. If the current trend maintains, the next targets of buyers will be the level of 0.67444 (Murray [5/8]), which seem a sttrong support. There is a high chance of a downward rebound, while its breakout can accelerate the pair towards 0.67576 level. The downward trend will be restored after the price is set below the level of 0.67216, which is the middle line of Bollinger Bands. In this case, the next targets of sellers will be the area of levels of 0.67139 (Murray [4/8])-0.66983. Technical indicators reflect the maintenance of the current upward potential. Bollinger Bands are directed up. MACD is slowly growing in the positive zone. Stochastic’s lines are pointed upwards and are reaching the overbought area.

Support and resistance

Support levels: 0.67216, 0.67139, 0.66995.
Resistance levels: 0.67444, 0.67576, 0.67749.

Trading recommendations

Long positions can be above the level of 0.67444 with the target at around 0.67576 and stop-loss 0.67404.
Short positions can be opened below the level of 0.67216 with the target at around 0.67139 and stop-loss 0.67241.