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NZD/USD: technical analysis 04.06.20

Current trend

The NZD/USD pair begins today’s trading with a slight bearish bias. At the moment the price has met the support at the level of 0.64043. The breakdown of this level will be a sign of the downward correction development and give a prospect of decline to the area of 0.63878-0.63706. This zone can activate an upward rebound of the price. Meanwhile, the decisive breakdown of the 0.63700 will give a prospect of decline to the next key support line surrounding 0.63477.

Alternative scenario

The upward rebound from 0.64087 and pullback above the 0.64317 will let the price re-test the yesterday's high 0.64430. The breakout of this level is needed to indicate the upward trend resumption. In this case, the buyers will aim for the 0.64697 resistance.

Technical indicators

Technical indicators mostly keep a buy signal, but the downward correction is possible in the short term.

Bollinger Bands are diverging on the background of bullish momentum.

MACD volumes are decreasing in the positive zone.

Stochastic has left the overbought area and is pointed downwards, reflecting the high possibility of the downward movement formation.

Support and resistance

Support levels: 0.64087, 0.63878, 0.63700, 0.63477.
Resistance levels: 0.64430, 0.64697, 0.65000.

Trading recommendations

Short positions can be opened below the level of 0.64087 with the target at around 0.63800 and stop-loss at 0.64182.
Long positions can be opened above the level of 0.64430 with the target at around 0.64697 and stop-loss at 0.64341.

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