NZD/USD: technical analysis

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03/19/2020

NZD/USD, H4

On the 4-hour chart, the downtrend is still in effect. An upward correction is observed, the instrument is trading around the lower border of Bollinger bands, the indicator cloud has been expanded, which indicates a likely resumption of decline at the end of the correction. The MACD histogram is in the negative area, increasing volumes, the signal line crosses the histogram body downwards, forming a confident signal to open short positions. Stochastic moves horizontally along the border with the oversold zone, without forming a clear signal to enter the market.

NZD/USD, D1

On the daily chart, a downtrend is maintained. The instrument broke through the lower border of Bollinger bands downwards, the indicator cloud is greatly expanded, the preservation of the downward trend in the medium term is likely. The MACD histogram is in the negative area, maintaining a steady signal to open short positions. Stochastic is preparing to cross the border of the oversold zone downwards, after which a signal will be generated to open sell orders.

Key levels

Resistance levels: 0.5700, 0.5750, 0.5820, 0.5875.

Support levels: 0.5575, 0.5525, 0.5465.

Trading tips

Short positions may be opened from the level of 0.5575 with the target at 0.5465 and stop loss 0.5610. Implementation period: 1–3 days.

Long positions may be opened from the level of 0.5750 with the target at 0.5820. Stop loss is 0.5720. Implementation period: 3–5 days.

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