On the daily chart, the pair is growing along the upper Bollinger band. The price stopped just underneath 38.2% Fibonacci retracement and its long-term descending trendline. The price, however, remains above its moving averages that start turning up. The RSI, same as the Composite, keeps testing its resistance level that it cannot overcome since the beginning of December.

NZD/USD: technical analysis


On the 4-hour chart, the pair is trading just below the upper MA of Bollinger Bands. The price remains above its moving averages that are directed up. Both the RSI and the Composite start forming a Bearish divergence with the price as they failed to retest their last week resistance.

NZD/USD: technical analysis

Key levels

Support levels: 0.6805 (active trade), 0.6733 (50% retracement), 0.6686 (local lows).

Resistance levels: 0.6843 (38.2% retracement), 0.6897 (October highs), 0.6980 (23.6% retracement).

Trading tips

Short positions can be opened from current levels with the target at 0.6748 and stop-loss at 0.6890. Validity – 2-3 days.

Long positions can be opened above the level of 0.7000 with the target at 0.7139 and stop-loss at 0.6970. Validity – 2-3 days.

Materials published on this page are provided by LiteForex for informational purposes only and should not be construed as investment advice or advice for the purposes of 2004/39/EC Directive. In addition, these materials have not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the further distribution of investment research.

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