NZD/USD: technical analysis 27.09.2019

Current trend

NZD/USD quoted today continues to consolidate in the side channel 0.62818-0.63010. If the sellers manage to decline the rate below the level of 0.62866, the downward dynamic can continue to the area of 0.62711-0.62627. Should prices continue slipping under 0.62627 mark, the level of 0.62561 (Murray [1/8]) might try activating a U-turn. The upward trend will be restored after the price is set above the level of 0.63015, which is the middle line of Bollinger Bands. In this case, the buyers will aim for the 0.63171 (Murray [3/8])-0.63268 resistanze zone. Technical indicators mostly reflect the relative calmness of the markets and sideways movement of the price. Bollinger Bands are pointed sideways. MACD volumes are in the negative zone and are moving along the zero line. Stochastic’s lines are pointed downwards and are reaching the oversold area, reflecting the high possibility of the downward movement formation.

Support and resistance

Support levels: 0.62866, 0.62711, 0.62561.
Resistance levels: 0.63015, 0.63171, 0.63268.

Trading recommendations

Short positions can be opened below the level of 0.62866 with the target at around 0.62711-0.62561 and stop-loss 0.62967.
Long positions can be opened above the level of 0.63015 with the target at around 0.63171-0.63268 and stop-loss 0.62930.

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