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    NZD/USD (a 4-hour chart)

    NZD/USD (a 4-hour chart)

    General overview

    The market is not ready to risk before the main events of this week (the Fed and BoJ meetings). The decrease of the European Bonds markets and the bearish tone around oil prices pressured the pair NZD/USD.

    Current situation

    The NZD/USD returned below the level of 0.7050. The pair was under pressure and headed towards the level 0.6950. The resistance stands at 0.7050, the support comes in at 0.6950.

    MACD is on the zero line. If MACD went into the negative area it shall give a sell signal. The indicator RSI is in the neutral area. The indicator is approaching the oversold area. The price is above Moving Averages (50, 100 and 200) on the 4 hour chart. The price is close to the 50 Moving Average which is just above the nearest support line. The MA can stop the quotes from the decrease or can bounce them up.

    Trading recommendations

    The level 0.7000 used to be a strong resistance, now it is the key level for a downtrend. We hardly can imagine the strengthening of the NZD when the anti-risk sentiment prevails. Our eyes are right now at the support level 0.6950. If the pair breaks it the way to the level 0.6850 will be open.


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