NZD/USD: technical analysis

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02/21/2020

NZD/USD, H4

On the H4 chart, the downtrend is still in force. The instrument is declining along the lower line of Bollinger Bands; the indicator cloud is expanded, which indicates a likely preservation of the downtrend in the short term. MACD histogram is in the negative zone building up volumes. The signal line is crossing the body of the histogram from above forming a stable signal to open sell orders. Stochastic is in the oversold zone; the oscillator lines are directed downwards; the signal to open short positions is still relevant.

NZD/USD, D1

On the daily chart, a downtrend is maintained. The instrument is testing the lower border of the Bollinger Bands for a breakdown, and the indicator cloud is expanded. MACD histogram is in the negative zone, the signal line is crossing the body of the histogram from above forming a signal for opening short positions. Stochastic is on the border with the oversold zone, the oscillator signal line is directed downwards.

Key levels

Resistance levels: 0.6325, 0.6350, 0.6375, 0.6400.

Support levels: 0.6305, 0.6270, 0.6240, 0.6205.

Trading tips

Short positions may be opened from 0.6300 with target at 0.6240 and stop loss at 0.6330.

Long positions may be opened from 0.6350 with target at 0.6400. Stop loss – 0.6320.

Implementation time: 1-3 days.

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