Technical analysis of NZD/USD for December 07, 2017

NZDUSDM30.png

NZD/USD is under pressure and expected to trade in a lower range. The pair remains under pressure below its negative trend line, and is expected to post new weaknesses towards 0.6815. The key resistance at 0.6870 also maintains the selling pressure on the prices. Last but not least, the relative strength index is turning down, calling for further decline.

In conclusion, as long as 0.6870 holds on the upside, look for a new pullback to 0.6815 and 0.6790 in extension.

The black line shows the pivot point. Currently, the price is above the pivot point, which indicates long positions. If it remains below the pivot point, it will indicate short positions. The red lines are showing the support levels and the green line is indicating the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.6890, 0.6915, and 0.6950

Support levels: 0.6815, 0.6790, and 0.6770

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of NZD/USD for December 07, 2017

InstaForex
About the Author

InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Related Posts

Leave a Reply

*