NZD/USD: technical analysis

NZD/USD, H4

On the H4 chart, there is a correction of the upward movement. The instrument is trading around the center line of Bollinger Bands; the indicator cloud is narrowed, and a lateral trend is likely to form in the short term. MACD histogram is in the positive area gradually reducing its volumes and keeping a signal for the opening of long positions.

NZD/USD, D1

On the D1 chart, the uptrend is still in force. The instrument is trading near the upper line of Bollinger Bands, the indicator cloud is broadened. MACD histogram is in the positive zone, the signal line is crossing the body of the histogram from below, forming a signal for opening buy orders.

Key levels

Resistance levels: 0.6600, 0.6613, 0.6635.

Support levels: 0.6580, 0.6565, 0.6544, 0.6533, 0.6520.

Trading tips

Long positions may be opened from the level of 0.6600 with targets at 0.6660 and stop loss at 0.6570.

Short positions may be opened from the level of 0.6565 with target at 0.6520. Stop loss – 0.6595.

Implementation time: 1-3 days.

Scenario

Timeframe Intraday
Recommendation BUY STOP
Entry Point 0.6600
Take Profit 0.6660
Stop Loss 0.6570
Key Levels 0.6520, 0.6533, 0.6544, 0.6565, 0.6580, 0.6600, 0.6613, 0.6635

Alternative scenario

Recommendation SELL STOP
Entry Point 0.6565
Take Profit 0.6520
Stop Loss 0.6595
Key Levels 0.6520, 0.6533, 0.6544, 0.6565, 0.6580, 0.6600, 0.6613, 0.6635